The past week marked a notable period of significant changes and unexpected developments. With fluctuations in the prices of major cryptocurrencies and intriguing activities by whales and institutions, the landscape of digital assets continues to surprise both enthusiasts and analysts. A detailed look by Lookonchain, a smart money tracker, into the on-chain data reveals a series of events that shaped the market dynamics.
The week saw a robust injection of capital into the cryptocurrency market, with institutions and funds contributing approximately 607 million USDT between October 31 and November 9. This influx aligns with the upward trends in major cryptocurrencies: Bitcoin (BTC) rose by about 8%, while Ethereum (ETH) saw a 13% increase. Such movements highlight the growing interest and confidence of institutional players in the crypto market.
A notable whale activity was observed in the Bitcoin sphere, with a single entity accumulating a staggering 14,599 BTC, valued at approximately $536.6 million, since January 17. This movement signifies a substantial bet on the future of Bitcoin, given its purchase price of around $28,071 per BTC.
Solana (SOL) experienced a remarkable surge, rising by around 50%. However, this was paralleled by FTX’s strategy to un-stake and transfer SOL, signaling a sell tendency. Conversely, Tellor (TRB) witnessed a more than 30% drop in its value, primarily due to whale selling activities. ORDI, a new entrant in Binance, saw a dramatic 200% price increase, followed by a significant whale deposit post-listing.
OKB, the native token of the OKX exchange, reached an all-time high, surpassing $60. This milestone was accompanied by three whales withdrawing a total of 248,335 OKB, worth around $14.9 million. Such withdrawals often indicate a shift in investor sentiment or a strategy to realize gains.
Storj (STORJ) also stood out with an 80% rise in its value. Interestingly, the Storj team moved 8.3 million STORJ to Binance to capitalize on the price increase. Additionally, the week saw significant withdrawals from Binance, including 363,995 AAVE by a single entity, and diverse purchases by whales, including ARB, PEPE, ILV, MKR, ETH, 1INCH, UNI, ENS, and LQTY.
