Like ETH, Bitcoin whales also made many large-scale transfers. Glassnode’s statistics As of May 11, there were the largest transfers of BTC from multiple whale wallets to exchanges in just a single day.
Carlos Gomez, Chief Investment Officer of Belobaba Crypto Asset Management, also shared his opinion regarding this.
“Generally a large accumulation event by whales may indicate that the bottom is not far off,” Gomez said.
Meanwhile, screenshots of transfers of BTC and ETH have surfaced on social media.
While BTC remains the most valuable crypto asset by value, ETH is poised for a new correction known as ‘Merge’.
The aim of this change is to reduce the power consumption of Ethereum by 99 percent.
At present, the total crypto market cap is $1.17 trillion (approximately Rs 91,01,968 crore), according to CoinMarketCap. Since March, crypto market valuations have continued to decline in value. As of March 31, the market cap of the crypto sector had grown to $2.14 trillion (approximately Rs 1,62,77,490 crore).