Cryptocurrency analysis firm Santiment reported that despite declines in Bitcoin and altcoins, cryptocurrency whales remain extremely active.
According to analysts, the altcoins with the highest whale activity, with a market value of more than $500 million, and whale activity increases are listed as follows:
Related News: Bitcoin and Cryptocurrencies are Declining - Here are the Estimates of the Decline and the Latest Situation
Santiment stated in his statement that altcoins that show a sudden increase in whale activity are also prone to a change in price direction. In other words, if the prices of the altcoins in question are already increasing, the increase in whale activity could mean that there is profit selling by whales in these tokens. However, if there is a decrease in price, the increase in whale activity could mean that whales are accumulating more coins at a lower price.
The declines experienced today triggered a massive liquidation wave in the cryptocurrency market, and a massive liquidation of $1.71 billion was observed. $1.55 billion of these were observed in long positions.
*This is not investment advice.
Continue Reading: Analytics Company Reveals Top 10 Altcoins With The Most Increased Whale Activity During The Downturn
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.