This year, the correlation between the cryptocurrency market and traditional finance is more entrenched than ever. This was largely due to the introduction of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds, the arrival of BlackRock, VanEck, Fidelity and many other giant financial institutions to the market.
On the one hand, the market has seen a huge jump in adoption, but on the other hand, its independence and originality have noticeably decreased, and the movements of several cryptocurrencies are repeating the performance of major stock indices. We are referring, of course, to the American stock market.
Now, in anticipation of the opening of the US market, large movements of cryptocurrencies, mainly BTC and ETH, can often be observed. Sometimes, however, these transfers cause more excitement than most.
For example, in the last hour such a surprise was caused by the transfer of 1,762 BTC, equivalent to almost 180 million dollars, as well as 20,467 ETH, equivalent to about 75.46 million dollars.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,762 #BTC (179,906,268 USD) transferred from unknown wallet to #Coinbasehttps://t.co/toi4SOT9ub
– Whale Alert (@whale_alert) December 19, 2024
Such moves from unknown wallets to centralized exchanges are causing excitement among crypto market participants, due to the fact that they are considered a harbinger of an imminent sale by a major player.
Whether that is the case here is an open question. However, at the moment the price of Bitcoin is not falling, but on the contrary, it is happily green by more than 2.1%, which is very impressive for an asset with a capitalization of more than 2 trillion dollars. Ethereum price is also trading on the positive side since the start of the trading day.
