WETH

Toncoin

USDC

Read

The number of large transactions around some of the leading cryptocurrencies significantly increased as the market witnessed a notable correction. 
According to data provided by IntoTheBlock, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) leads the chart with a large transaction volume of $43.63 billion on Oct. 21. The leading crypto asset declined 2.2% and is trading at $67,500 at the time of writing. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="918" height="726" src="https://crypto.news/app/uploads/2024/10/Screenshot-2024-10-22-101858.png" alt="Whale activity around leading assets skyrocketed, showing mixed signals - 23" class="wp-image-14305160">
 <figcaption class="wp-element-caption">
 Leading assets’ whale activity – Oct. 22 | Source: <a href="https://app.intotheblock.com/" target="_blank" rel="nofollow">IntoTheBlock</a>
 </figcaption>
</figure> 
However, addresses holding <a href="https://crypto.news/bitcoin-whale-selloff-stopped-as-price-surpasses-68k/" target="_blank">Bitcoin</a> for over a year increased their balance by 0.05%, reaching $856.23 billion, despite the price drop. 
Toncoin (<a href="https://crypto.news/price/toncoin/" target="_blank">TON</a>) saw a 93% surge in its whale transactions yesterday, reaching $8.21 billion. Considering TON’s $13 billion market cap, this amount of whale activity could hint at panic and uncertainty among investors. 
 You might also like: <a rel="" href="https://crypto.news/nomura-backed-komainu-buys-singaporean-custodian-propine-to-branch-into-asia/"> Nomura-backed Komainu buys Singaporean custodian Propine to branch into Asia </a> 
Cardano (<a href="https://crypto.news/price/cardano/" target="_blank">ADA</a>) whale transactions increased by 28%, reaching $7.23 billion. Wrapped Ether (WETH) recorded a 117% rally in its whale transactions, reaching $6.16 billion. ADA and WETH holders are also wandering in uncertainty amid the market-wide selloff. 
The whale activity around Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) also doubled to $6 billion. ETH, quite similar to BTC, witnessed a 0.04% hike in its long-term holder balance—currently at $288 billion. 
There has also been a significant increase in stablecoin whale activity, according to data from ITB. Data shows that USDC and DAI are seeing increased exchange outflows as well. This momentum usually hints at an overheated market and whales take a step back to look for buying opportunities. 
According to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a> provided by CoinGecko, the global crypto market capitalization declined by 3.1% in the past 24 hours, currently at $2.44 trillion. The daily trading volume, however, surged from $90 billion to $118 billion in the same timeframe. 
The recent market-wide correction would be considered natural since the bullish momentum was majorly triggered by the “<a href="https://crypto.news/bitcoin-uptober-in-play-ahead-of-us-election/" target="_blank">Uptober</a>” trend and <a href="https://crypto.news/crypto-market-enters-greed-zone-as-bitcoin-hikes-further/" target="_blank">greedy</a> traders.&nbsp; 
 Read more: <a rel="" href="https://crypto.news/spot-bitcoin-etfs-record-294m-inflows-despite-btc-retreating-below-67k/"> Spot Bitcoin ETFs record $294m inflows despite BTC retreating below $67K </a>

Whale activity around leading assets skyrocketed, showing mixed signals

crypto.news

Other articles published on Oct 22, 2024

Best VR Crypto Projects to Invest in 2024: Top Tokens Powering DeFi, Metaverse, and Smart Contracts

Crypto Regulation Incoming? CFTC Chair Pushes for AI Monitoring Ahead of U.S. Election

The Current Trends in APE, ATOM, and MEW Coin Prices

Grayscale Files to Convert Digital Large Cap Fund into Mixed Crypto ETF

Buenos Aires Integrates ZK Proofs into City App to Enhance Privacy

LayerZero CEO Bryan Pellegrino Warns of Vulnerable Protocol! Here Are the Details

Join our free newsletter for daily crypto updates!