Crypto whales are on the move as a new month begins, transferring $748 million worth of Bitcoin (BTC) and Ethereum (ETH) in less than 24 hours.
The whales are sending crypto assets both to and from exchanges, where they could potentially be sold on the open market.
The single largest transaction, spotted by the on-chain address tracker Whale Alert, moved 9,756 BTC worth $231.44 million between two wallets of unknown origin.
? ? ? ? ? ? ? ? ? ? 9,756 #BTC (231,443,140 USD) transferred from unknown wallet to unknown wallethttps://t.co/ScRNYgFObQ
— Whale Alert (@whale_alert) March 1, 2023
The whale paid just $9.18 in transaction fees for transferring millions of dollars worth of crypto.
A second whale shifted 1,999 BTC worth $47.05 million from the crypto exchange Gemini to a wallet of unknown origin.
Meanwhile, a third whale transferred 920 BTC worth $21.29 million from an unknown wallet to the crypto exchange Bitfinex. That whale paid about $10 to relocate the Bitcoin trove.
Not to be outdone, Ethereum whales moved 272,978 ETH worth $448.45 million in the last day.
One whale moved 237,979 ETH to the tune of $390.17 million from a wallet of unknown origin to another wallet of unknown origin. The large crypto holder paid less than $5 in fees.
A second Ethereum whale transferred 34,999 ETH worth $58.28 million from Gemini to an unknown wallet and paid roughly $3 in transaction fees.
At time of writing, Bitcoin is trading at $23,514, while ETH is worth $1,649.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Marko Aliaksandr/Sensvector