The cryptocurrency market extended its gains over the weekend after recently regaining the $4 trillion mark. Bitcoin (BTC) is at a new all-time high, with its market capitalization increasing by more than 1% in the past 24 hours alone.
At the same time, on-chain data shows a spike in whale activity, with major wallets actively buying and selling multiple large tokens, a sign of profit taking, accumulation, and strategic positioning in the market. Here’s what the crypto whales were trading:
1. Ethereum (ETH)
The second-largest cryptocurrency has gained more than 10% in value over the past week, according to data from BeInCrypto Markets. Ethereum rose above the $4,500 mark after losing this support in late September. Amid this strong performance, whale activity around altcoins intensified over the weekend.
On the buy side, OnChain Lens highlighted that a new wallet address (0x982) received 26,029 ETH worth approximately $116.8 million from cryptocurrency exchange Kraken. Additionally, another whale scooped up 7,311 ETH at an average price of $4,514.
This address later provided tokens to Aave for loan. Investors transferred 33 million USDC to Hyperliquid for the purchase.
“Currently, Whale has loaned 38,275 ETH worth $172.9 million and 35.18 WBTC worth $4.34 million across multiple wallets,” OnChain Lens added.
Lookonchain also noted that the address (0xa312) withdrew 8,695 ETH from Binance, worth approximately $39.5 million.
While some whales were in accumulation mode, others chose to cash out. Trend Research remained on the sell side and continued to reduce its exposure to Ethereum.
According to Lookonchain, the company transferred an additional 77,491 ETH (equivalent to approximately $354.5 million) to Binance for possible sale. Since October, Trend Research has offloaded a total of 143,124 ETH (equivalent to approximately $642 million), highlighting sustained profit-taking by large holders.
Additionally, an old Ethereum whale (0xf97) deposited 4,500 ETH worth approximately $20.4 million into Kraken as part of a broader trend.
“In the past four months, OG has deposited a total of 5,502 ETH ($23.38 million), and after a two-year dormancy period, it still holds 3,051 ETH ($13.8 million),” OnChain Lens posted.
Two additional long-term wallets, 0xeA4 and 0x3Ec, also transferred funds to Kraken after four years of inactivity. The first person deposited 1,000 ETH and made a profit of $10.4 million, while the second person transferred 800 ETH and made a profit of about $1.04 million. Together, they still hold 1,828 ETH worth about $8.28 million.
Finally, in a more speculative move, whale 0x0fec sold 1,001 ETH worth $4.55 million. The address then initiated a 15x leveraged long of 15,023 ETH (approximately $67.8 million), demonstrating growing confidence in near-term bullish momentum.
2. Bitcoin (BTC)
Bitcoin had a great weekend. The flagship cryptocurrency continued the bullish momentum of “Uptober” and soared to an all-time high of over $125,000. Some investors saw this as a big profit-taking opportunity.
After the price reached a new peak, wallet 3NVeXm transferred 1,550 BTC worth approximately $193.75 million to Binance. Previously, an address linked to Alameda Research moved 250 BTC worth approximately $30.1 million to the same exchange.
Despite this wave of deposits, institutional investor interest in Bitcoin remained strong. BitcoinTreasuries revealed that corporate players continue to increase their holdings. In the past week alone, 14 companies increased their Bitcoin reserves, while only one reduced their positions.
The largest addition was 5,268 BTC from Metaplanet. Marathon Digital and Clean Spark added 373 and 308 BTC respectively. On the other hand, (micro)strategy expanded by 196BTC. Other notable increases include Cango’s 101.7 BTC and S-Science’s 265.5 BTC.
“The top 100 listed companies jointly hold 1,038,119 BTC,” Bitcoin Treasuries added.
3. Altcoins (ASTER, ONDO, LINK)
Finally, whales are also active in several major altcoins, indicating extensive market involvement beyond Bitcoin and Ethereum. The crypto whale acquired 1.69 million ASTER tokens for approximately $3.14 million.
Meanwhile, the Gnosis Safe Proxy wallet moved 11.67 million ONDO tokens (worth approximately $10.87 million) to exchanges, which may indicate potential profit-taking.
“Of this amount, 3.89 million ONDO ($3.63 million) was transferred to Arthur Hayes’ Bybit deposit address. Last month, a total of 40.77 million ONDO ($41.25 million) was deposited to Arthur’s Bybit address,” OnchainLens wrote.
Finally, Arkham Intelligence data revealed that another whale deposited 700,000 Chainlink (LINK) worth approximately $15.52 million into Binance.
Overall, whale activity over the weekend reflected different strategies in the crypto market. Some large holders were positioning for further upside, especially in Ethereum and some altcoins, while others took advantage of recent highs to book profits. Broader trends suggest continued confidence in the ongoing crypto rally, as institutional demand for Bitcoin remains steady.
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