🌎 Cryptocurrency Market Sees Surge in Large Transactions Amid Correction

The number of large transactions around some of the leading cryptocurrencies significantly increased as the market witnessed a notable correction.

Bitcoin Leads in Large Transaction Volume

According to data provided by IntoTheBlock, Bitcoin leads the chart with a large transaction volume of $43.63 billion on Oct. 21. The leading crypto asset declined 2.2% and is trading at $67,500 at the time of writing. Despite the price drop, addresses holding Bitcoin for over a year increased their balance by 0.05%, reaching $856.23 billion.

Toncoin and Whale Activity

Toncoin saw a 93% surge in its whale transactions yesterday, reaching $8.21 billion. Considering TON’s $13 billion market cap, this amount of whale activity could hint at panic and uncertainty among investors.

Cardano and Wrapped Ether Transactions

Cardano whale transactions increased by 28%, reaching $7.23 billion. Wrapped Ether (WETH) recorded a 117% rally in its whale transactions, reaching $6.16 billion. ADA and WETH holders are also experiencing uncertainty amid the market-wide selloff.

Ethereum’s Growing Whale Activity

The whale activity around Ethereum doubled to $6 billion. ETH, similar to BTC, witnessed a 0.04% hike in its long-term holder balance, currently at $288 billion.

Stablecoin Whale Activity

There has also been a significant increase in stablecoin whale activity. Data shows that USDC and DAI are seeing increased exchange outflows as well. This momentum usually hints at an overheated market as whales take a step back to look for buying opportunities.

Market Overview

According to data provided by CoinGecko, the global crypto market capitalization declined by 3.1% in the past 24 hours, currently at $2.44 trillion. The daily trading volume surged from $90 billion to $118 billion in the same timeframe.