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Whale Alert: $363M in BTC, XRP Transferred, Polygon Whale Drops MATIC Price

• A Polygon whale moved $10.43 million in MATIC to a Binance wallet, causing the coin’s price to drop by 6%.
• Whale Alert identified whales that moved over $363 million in Bitcoin and XRP after BTC surged to the $21,000 level.
• Despite the bullish trend since the beginning of 2023, cryptocurrencies could still see price consolidation and fresh crashes to support levels.

The digital asset market has been buzzing with activity in recent weeks, with Bitcoin reaching a record high of $21,000. However, the market is not without its risks, as demonstrated by the recent transfer of funds by a Polygon whale that caused the price of its native token MATIC to plummet.

On-chain analysis data released by Blockchain service Lookonchain revealed that the unknown whale wallet had transferred $10.43 million in MATIC to another unknown wallet in the Binance exchange. The transfer caused the price of the coin to drop by nearly 6%, though it is unclear if the whale was cashing out or just moving their funds around.

Two weeks ago, on January 16, the same Polygon whale wallet transferred a similar amount in MATIC to an unknown wallet to Binance, causing the coin’s value to plunge by 8%. In digital assets, the term “whale” indicates ownership of crypto coins in huge quantities. While whale transfers don’t always guarantee immediate downside price action, they can be a good indicator of what might occur to the value of specific cryptocurrencies in the future.

Whale Alert, a Blockchain platform that tracks the activities of crypto whales, identified whales that suddenly moved over $363 million in Bitcoin and XRP after BTC surged its value to the $21,000 level on January 20.

Despite the bullish trend since the beginning of 2023, cryptocurrency prices could still see some consolidation and even fresh crashes to support levels. This could be due to a number of factors, such as whales cashing out their holdings, as well as profit-taking by investors who want to cash in their gains.

The digital asset market is a volatile one, and while it has certainly seen a surge in optimism this year, investors must be aware of the risks involved with investing in cryptocurrencies. The transfers of funds by Polygon whales, as well as the large transfers of Bitcoin and XRP by whales, serve as a reminder of the potential dangers of the market. It pays to be vigilant and to pay attention to the activities of whales, as they can have a significant impact on the prices of cryptocurrencies.