Crypto whale movements stir market: Over $166 million in BTC, ETH and XRP transferred By Investing.com

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Investing.com

Published Sep 26, 2023 09:25AM ET

Major cryptocurrency exchanges Coinbase (NASDAQ:COIN), Kraken, and Bitstamp witnessed significant crypto transactions on Monday, according to data analytics service WhaleAlert. The transactions involved Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH), totaling over $166 million.

On Monday, a substantial amount of 2,907 BTC, equivalent to $76.44 million, was transferred to Coinbase. In a similar vein, 15,000 ETH, amounting to $23.85 million and mirroring actions previously taken by Ethereum’s creator Vitalik Buterin, were also moved to Coinbase.

In contrast, Kraken saw a withdrawal of $66.5 million on the same day. The specifics of the withdrawn assets were not provided in the context.

Bitstamp saw an influx of 30.3 million XRP tokens on Monday. This movement is linked to a usage spike in Ripple Payments’ service (formerly known as ODL). Ripple Payments partially owns Bitstamp. Interestingly, this large transfer did not have any noticeable impact on XRP’s price.

These significant crypto transfers underline the dynamic nature of digital asset markets and highlight the influence of large-scale transactions or ‘whale’ movements on these platforms. While such transfers are common in the cryptocurrency market, their implications can vary widely based on market conditions and investor sentiment at the time of transfer.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.


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