Bitcoin, Ethereum Whales Consolidate Positions in Cryptocurrency Market With Multi-Million Dollar Trading

Bitcoin whales — individuals owning large amounts of cryptocurrency with the power to drive its prices — have been busy trading worth several millions of dollars in the last few hours. On August 11, Bitcoin — the world's biggest and the oldest cryptocurrency — opened at roughly Rs. 34.46 lakhs, up 0.27 percent from its previous close of roughly Rs. 34.37 lakhs. There has been a significant rise in huge Bitcoin transactions in the last day or two as the Whale Alert tracker has also shared. The "most advanced blockchain tracker," as Whale Alert calls itself, has shared on Twitter innumerable transactions worth multi-million US dollars.

On August 11, Whale Alert tweeted: “1,589 #BTC (72,227,792 USD) transferred from Coinbase to Binance.”

In another tweet, the blockchain tracker said: "750 #BTC (34,374,428 USD) transferred from Unknown wallet to CryptoCom.

Around the same time, there was another huge transaction Whale Alert reported, worth ETH 4,000 ($12,765,115/ roughly Rs. 95 crores) transferred from OKEx to an unknown wallet.

At 5:43am IST today, Whale Alert put out a tweet reporting a huge transfer of "38,918 #ETH (121,966,542 USD) from an unknown wallet to another unknown wallet."

Another BTC 2,000 ($90,717,779/  roughly Rs. 675 crores) were transferred from Xapo to Binance, Whale Alert tracker reported at 4:17am IST on August 11.

Here are a few more tweets on massive cryptocurrency transfers:

Both Bitcoin and Ethereum, after the slow months of June and July, have shown some signs of recovery in August. Bitcoin's August 11 price of roughly Rs. 34.46 lakhs is its highest since May 17 when the digital token was valued at $43,541 (roughly Rs. 32.65 lakhs). Not to forget, on July 20, Bitcoin had hit its lowest in the last two months when it was priced at $29,793 (roughly Rs. 22.34 lakhs). To know more about how some of these cryptocurrencies have performed in the last few months, click here.

Ethereum, on the other hand, opened at roughly Rs 2.41 lakhs, up 2.55 percent on August 11 from its previous closing of roughly Rs. 2.35 lakhs. Click here to track the live prices of Ethereum.

Interestingly, Ethereum's August 11 prices are its highest since May 18 when it was valued at $3,377 (roughly Rs. 2.53 lakhs). Even though Ethereum is yet to break the May 18 record, the cryptocurrency has recovered quite a bit after slipping to $1,786 (roughly Rs. 1.33 lakhs) on July 20.