The cryptocurrency market experienced a significant spike in large transactions following crypto whale actions on leading assets like Bitcoin, Ethereum, Toncoin, and Cardano. Data from IntoTheBlock indicated that Bitcoin had the largest transaction volume of nearly $44 billion on October 21st.

Crypto Whale Transactions Involving Leading Crypto Assets

Despite its price dropping 2.2% to $67,500 at the time of writing, the balance of Bitcoin held by long-term holders increased 0.05%, surpassing $856 billion. This sign of confidence from long-term holders showcases a potential support level as BTC continues to consolidate.

Toncoin (TON) noted a 93% surge in whale transactions, amounting to $8.21 billion. Meanwhile, Cardano (A.D.A.) and Wrapped Ether (W.E.T.H.) also saw significant increases in whale transactions, reaching $7.23 billion and $6.16 billion, respectively.

A.D.A. recorded a 28% increase in whale transactions, while W.E.T.H. saw a 117% jump, indicating uncertainty surrounding these assets amidst the ongoing market-wide sell-off. Similarly, crypto whale transactions on Ethereum (ETH), one of the most widely held assets, doubled, reaching $6 billion.

Similar to Bitcoin, ETH long-term holders increased their balances by 0.04%, bringing the total to $288 billion, indicating cautious optimism following the coin’s price decline. Furthermore, stablecoins like U.S.D.C. and DAI have been swept into this surge of whale activity.

The increase in exchange outflows for stablecoins suggests that large investors may be stepping back from trading to seek out buying opportunities.

Crypto Whale Dumps $10 Million in BTC

Meanwhile, an ancient Bitcoin whale, active since the Satoshi era, surfaced again, unloading nearly $10 million worth of BTC on the Kraken exchange. This unexpected sale triggered concerns among investors as it coincided with Bitcoin’s effort to breach the $70,000 mark.

This whale, who began mining in 2009, transferred over $9.6 million in BTC to Kraken, according to Arkham Intelligence. The whale’s sales came after it previously moved $630,000 in BTC on October 14th, adding to a total of $15.1 million in BTC sold over the last two months.

Despite these sell-offs, the whale still holds around 1,077 BTC, valued at roughly $72 million.

Other Crypto Whale Movements

Apart from the Satoshi-era whale, more crypto whale activity was spotted in other Bitcoin transactions. Whale Alert, a leading large transaction tracker, reported two significant transactions earlier today: 2,500 BTC, worth $170.9 million, and 2,700 BTC, valued at $184.6 million, were moved between anonymous wallets.

These movements indicate potential accumulation rather than sell-offs, potentially easing the pressure on Bitcoin prices. Notably, the actions of the crypto whales have resulted in a 3.1% drop in global crypto market capitalization in the last day.

Also, trading volumes soared from $90 billion to $118 billion in the same period. This correction in the market was a much-needed response to the bullish momentum propelled by greed during “Uptober”.

Usually, crypto whale activity can be a yardstick measurement for price direction. Thus, the next couple of days will depict the direction of the market as it struggles to attain some semblance of stability amidst increased volatility.

Whale Scoops Up 155M DOGE

Meanwhile, a Dogecoin whale has caught the attention of many after accumulating 155 million DOGE valued at approximately $21.65 million. The recent accumulation has ignited investors’ interest in meme cryptocurrency.

Whale Alert reported that a Dogecoin address, recorded as DP1…Wdj received this amount from the crypto trading division of Robinhood Markets. Such a vast accumulation demonstrates increased confidence in DOGE’s potential value.

More importantly, it ramps up optimism among its holders. Currently, Dogecoin is on a price rally following recent developments during the U.S. presidential election campaigns, during which X billionaire owner Elon Musk proposed a D.O.G.E. idea.

Even though the presidential election is in November, the accumulation by the whale has increased the positive sentiment surrounding this cryptocurrency. DOGE currently changes hands at $0.139, up nearly 22% and over 30% in the past week and month, respectively.