4 hours ago
A mysterious Solana (SOL) whale has sparked market speculation after unstaking 100,000 SOL worth approximately $13.9 million and depositing it into Binance. The transaction, tracked by blockchain analytics platform Lookonchain, comes after four years of patient staking, with the deep-pocketed investor originally accumulating 991,079 SOL at an average price of $27. Whale Moves With Solana trading around $140, the realized and unrealized gains from the original allocation now exceed $153 million. Despite the sell-off, the whale still holds 1.19 million SOL that remains staked, with the stash valued at about $166.37 million, suggesting this could be more of a strategic rebalancing than a full exit. In typical crypto fashion, the responses on X have been a mix of insight, anxiety, and meme-driven skepticism. One user was quick to suggest the move could signal a SOL-to-ETH rotation in reference to Galaxy Digital’s recent flows, which saw it deposit $105 million worth of ETH to Binance while pulling nearly $100 million in SOL from the exchange. Last week, the firm transferred ETH valued at $80 million to Coinbase and Binance, with other large holders selling off another 143,000 ETH worth roughly $230 million. Interestingly, in a show of contrasting strategies among big investors, Lookonchain also reported a newly created wallet withdrawing 44,116 SOL from Binance, with an estimated value of $6.15 million, which was promptly staked. While some are cashing out, others are doubling down. Reversal and Bullish Signals On the chart, Solana is showing a delicate blend of strength and volatility. At the time of writing, the token was trading at $140.29, having gained a modest 0.8% in the last day. Despite inching higher, SOL has stayed within a tight 24-hour range of $134.72 and $140.35, indicating consolidation rather than breakout behavior. Additionally, it registered a 6% jump on the week, outpacing both the broader crypto market, which is up 5%, and its Coinbase Index peers, which are flat. Across 14 days, the asset has pumped nearly 29%, but its monthly gain is a more modest 5.9%, hinting at recent turbulence following a euphoric breakout earlier in the month. That rally, which saw SOL shoot up 38% in 10 days, was not without technical merit. Analysts noted that the cryptocurrency had formed a bullish falling wedge as well as a textbook cup-and-handle pattern on the daily chart. This convergence of bullish signals coincided with high investor engagement near the $129–$130 price level, now widely viewed as critical support. The post Crypto Whale Nets $153M Profit After Unstaking 100K SOL appeared first on CryptoPotato .
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Bitcoin Rockets To Monthly Highs As Open Interest Explodes By Over $3 Billion
Bitcoin rose to $89,292 today, its highest since April 2, as traders injected funds into cryptocurrency markets. The top-ranked cryptocurrency rose 3.0% in 24 hours amid increased market activity, based on the latest market figures. Related Reading: Pi Network Frenzy Builds: $5 Prediction As Whales Take Out Millions Market Observers Notice Fundamental Shift In Bitcoin Activity CryptoQuant’s trading data reveals Bitcoin’s price increase coincided with an enormous $3.1 billion rise in open interest within one day. The sudden increase indicates a large number of traders are taking significant positions in the future price increases of Bitcoin. Open interest refers to the value of outstanding unsettled futures contracts on the market. The reversal follows a downward streak earlier this month as open interest declined from $29 billion to about $24 billion between March 22 and April 10. But the trend switched abruptly after April 10, with open interest rising consistently to hit $30 billion on April 21 – the highest level since early February. Options Trading Volume Soars By More Than 300% Bitcoin’s options market also experienced even more sensational changes. Options market volume surged by 347% to $3.57 billion. Meanwhile, options open interest increased by 3.80% to $32.30 billion. These figures indicate traders either hedging their positions or betting on larger price fluctuations in the future. The long to short position ratio now is 1.06, indicating somewhat more traders are bullish than bearish. Whale Investors Continue Steady Accumulation Behind the day-to-day market action, bigger investors referred to as “whales” have been quietly accumulating more Bitcoin. Based on figures from CryptoQuant, whale balances increased from 3.38 million BTC on January 1 to 3.50 million BTC as of April 20. Though the 30-day high of 3.50 million BTC was reached, the increase in whale holdings in the last month was only 0.62%. This consistent accumulation by large investors indicates that some big investors still have faith in the long-term prospects of Bitcoin despite short-term fluctuations in prices. Price Recovery Indicates Market Resilience The surge to more than $89,000 is a good omen for Bitcoin after it had remained at around $84,400 the day before. The 3.60% weekly price increase indicates a possible return of buying pressure. Market analysts explain that growth in open interest amid a price rise trend is generally seen as bullish. When money enters the market while prices are rising, it tends to signal increasingly high confidence on the part of traders. Related Reading: XRP Price Prognosis: Analyst Sees $14 In Spite Of Current Troubles But the rapid growth in speculating with borrowed money also increases the potential for steeper price fluctuations in the future. If sentiment in the markets changes rapidly, heavily leveraged positions have the potential to create a waterfall of forced buying or selling, potentially magnifying future price changes in either direction. Featured image from Unsplash, chart from TradingView Crypto Potato
BTC Leads CEX Cryptocurrency Spot With $360 Million Net Inflow in 24 Hours
COINOTAG reports on April 23rd that recent data from Coinglass reveals significant movements in the cryptocurrency market. In a 24-hour period, the leading centralized exchange (CEX) recorded notable net inflows, Crypto Potato
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