The cryptocurrency market faced intense selling pressure following the Binance hack, which resulted in losses of approximately $6.3 billion, with major cryptocurrencies, particularly Bitcoin and Ethereum, losing value. Bitcoin fell to around $77,000, while Ethereum dropped to $2,280.
While market activity continued after these declines, transfers made by whale wallets also attracted attention.
According to Lookonchain, a cryptocurrency analytics platform, a wallet transferred all 999,953 Bitcoin (worth $78.12 million) after more than six years of inactivity. According to Arkham data, the wallet acquired these 999,953 Bitcoins over six years ago, when Bitcoin was trading at $10,727.
According to Lookonchain, a mysterious crypto whale is continuously selling Solana. In the last 10 days, this whale has transferred a total of 1.49 million SOL tokens (worth $148.77 million) to various platforms.
Another crypto whale capitalized on the decline, spending a total of $65.61 million to buy 28,600 ETH, resulting in an average price of $2,294.
However, Paradigm also destaking approximately 2.55 million HYPE tokens, worth about $224 million, through 15 different wallets over the last two days. These HYPE tokens represent 17.85% of the current 14.26 million HYPE tokens staked on Hypercore, which are worth approximately $1.26 billion.
According to Lookonchain’s report, whale t1JJnA purchased 3,052 ZEC (worth $3.8 million) from the spot market and opened a 2x long position on 8,000 ZEC ($10.16 million). Whale 0xbf732, meanwhile, purchased approximately $15.703 million worth of ZEC at an average price of $1,256.28 during the same period. Additionally, this account also purchased approximately $1.508 million worth of XMR.
Lastly, Hyperliquid’s two highest-earning monthly accounts collectively created $1.06 billion in short positions anticipating a decline in the cryptocurrency market.
According to the data, the top-ranked whale account holds short positions totaling $617.5 million across 22 assets, including Ethereum, Bitcoin, Solana, ZEC, XRP, gold, and silver, with leverage of approximately 4.7x.
The second-ranked whale account holds $439.4 million in short positions across 30 assets, including BTC, ETH, ZEC, and HYPE, and both accounts have key position liquidation prices significantly below current market levels.
*This is not investment advice.
