Whale Activity Around Leading Cryptocurrencies Surges Amid Market Correction

Recent data indicates a significant increase in large transactions involving major cryptocurrencies, coinciding with a notable market correction.

According to IntoTheBlock, Bitcoin recorded a massive large transaction volume of $43.63 billion on October 21, even as it experienced a 2.2% decline, trading at approximately $67,500 at the time of writing. Interestingly, the number of addresses holding Bitcoin for over a year increased their balances by 0.05%, totaling $856.23 billion despite the price drop.

Toncoin experienced a remarkable 93% surge in whale transactions, reaching $8.21 billion. Given Toncoin's market cap of $13 billion, this heightened activity suggests potential panic or uncertainty among investors.

Similarly, whale transactions for Cardano rose by 28%, totaling $7.23 billion. Wrapped Ether (WETH) saw an impressive 117% increase in whale activity, reaching $6.16 billion. Both Cardano and WETH holders appear to be navigating the uncertainty stemming from the broader market selloff.

Whale activity surrounding Ethereum also doubled, reaching $6 billion. Like Bitcoin, Ethereum experienced a slight 0.04% increase in long-term holder balances, now at $288 billion.

Stablecoin activity has also seen a significant uptick, with increased exchange outflows for USDC and DAI. This trend often signals an overheated market, as whales retreat to assess potential buying opportunities.

Overall, the global crypto market capitalization has declined by 3.1% over the past 24 hours, currently sitting at $2.44 trillion. However, daily trading volume surged from $90 billion to $118 billion during the same period.

This recent correction may be viewed as a natural response, following a bullish surge driven by the “Uptober” trend and speculative trading.