Whales Are Quite Active During the Major Bitcoin and Altcoin Drop: Here Are Their Transactions

While the Bitcoin ($BTC) price has fallen below $89,000 after a prolonged period, on-chain data suggests that large whale activity has accelerated again.

The massive transactions carried out consecutively by corporates and high-volume investors attracted attention during hours of sharp market volatility.

BlackRock, one of the largest institutional investors in the market, has invested a total of 6,735 $BTC ($616.09 million) and 64,706 $ETH ($199.73 million) in Coinbase. Analysts say the company may be preparing for additional transfers.

Meanwhile, an individual mega whale activity also gained momentum. A whale wallet deposited 4.87 million $USDC to the HyperLiquid exchange and opened a 20x leveraged $ETH long position in two separate wallets. The same whale spent 387,861 $USDC to purchase 10,043 HYPE tokens at $38.60, all of which he then staked.

Similarly, another large investor used 3 million $USDC to raise 16,991 AAVE at $177. The whale reportedly still holds 5.79 million $USDC and may make additional purchases.

A newly created wallet withdrew 2,500 $ETH ($7.59 million) from Binance, supporting the view that large buyers see the dip as an opportunity.

Another whale also purchased 14.56 million $ENA ($4.06 million) on Binance and Wintermute, bringing his total purchases to 17.56 million $ENA in the past month. This entire position was staked, but the whale currently appears to be facing a loss of approximately $522,000.

Another noteworthy development came from Bitmine, a startup backed by Fundstrat founder Tom Lee. Despite the decline in $ETH prices, Bitmine reportedly continued to make purchases. 24,827 $ETH ($72.52 million) was sent from BitGo to the newly created address 0x748d, suggesting this wallet may be linked to Bitmine.

*This is not investment advice.