Whale Transactions Spike as Cryptocurrency Market Dips: Report Shows

Vinod Dsouza
Source: Pixabay

The cryptocurrency market displayed decent gains at the start of the week but could not hold on to its upward swing. The market began dipping yesterday and Bitcoin is now around the $43,000 mark. The overall sentiment in the market is now a bag of mixed emotions with no clarity on which way to move. However, despite the market going on a downward trend, whales have not budged and are making use of the dips. Whales are mostly buying up the bottom and gearing up for a possible spike in the coming days.

Read More: Bitcoin: Here’s When Peter Brandt is expecting BTC’s next bull-run

A recent report from Santiment shows that whale movements in stable coins have slightly increased amidst the dip. “Stable coin whale transactions have increased mildly as crypto markets have dipped. Just as we see spikes in whale transactions near price tops for non-stable coins. $USDT, $USDC, $BUSD, $TUSD, and $DAI generally spike during the best buy opportunities.”

Here’s a list of the top 3 cryptos that the whales are after this week. Also, the top 1,000 whale wallet are currently holding massive amounts of FTX token, Shiba Inu, Matic, and ChainLink.

Read More: SEC Approves Bitcoin Futures ETF for Teucrium

Now the Right Time to Enter the Cryptocurrency Market?

All major coins are down a minimum of 40% from their all-time highs of last year. The market is yet to take off and a bull run is nowhere on the horizon. Even Bitcoin billionaire Mike Novogratz stated that being a crypto investor could be the hardest job this year. “This will be a year where people realize being an investor is a difficult job,” tweeted Novogratz early this year.

Read More: Will a Quarter of Global Businesses Accept Crypto by 2024?

His predictions are turning out to be true as the market is testing the patience of investors. The market has either dipped or traded sideways for close to four months now. A notable or game-changing spike is yet to occur and the global financial situation is preventing a breakout. In addition, the Russia-Ukraine conflict has added a further burden to the markets, and investors are trapped or forced to hold.

In conclusion, though the market is down, it is advised to wait for further dips before taking an entry position. The market is currently in correction mode and could slump further in the coming days. It’s advised to wait and watch before taking an entry position.