Whales Move Millions of Cryptos- Is Crypto Market In Danger?
The 2022 bear market does not appear to have waned as the sentiments do not appear to be in the favour of bulls. Despite a bullish start for the year 2023, the tokens are still expected to drop significantly to reach the lowest point that may mark the bottom of the current bear market. Until then, the markets are feared to intensify the euphoric sentiments where-in the FOMO (Fear of Missing out) could reach highs.
A popular analytical firm Santiment has signaled the possibility of a bearish trend referring to the intensifying euphoric & FOMO market sentiments.
As per the platform, the social mentions for the altcoins in terms of buy, buying bottom & bullish have intensified. Historically, these are the signs of the market advancing towards euphoric sentiments and FOMO is likely to haunt the investors. This may further lead to a dramatic pullback where-in the prices may meet their bottoms very soon!
This may be the reason the market participants, specifically the whales have been transferring millions of funds in form of cryptos. These whales have moved more than $670 million in Bitcoin, Ethereum, XRP, Polygon, and Curve, among which BTC alone accounts for $315 million.
The whale moved nearly 25,000 BTC in 2 separate transactions of 9,251 & 15,477 BTC from one unknown wallet to another. Further, nearly 32,236 ETH were relocated from an unknown wallet to Coinbase while XRP Polygon(MATIC) and Curve (CRV) also witnessed a transfer of 38.89 million XRP, 90.56 million MATIC, and 17 million CRV.
While these indicators do flash for a bearish reversal approaching very fast, many other signals do flash bullish signals in the longer time frame. As many analysts have predicted that the 2022 bear market could reach its end by the end of Q1 2023, Q2 may be consolidated while H2 2023 may witness a decent recovery phase.