On-chain data shows increased whale accumulation in bitcoin and ethereum despite bearish momentum across the market.
According to data provided by IntoTheBlock, the number of large bitcoin (btc) and ethereum (eth) transactions, worth at least USD 100,000, began to increase on September 1 after a series of steady declines in the last week of August.
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The number of large btc transactions increased from 13,100 on Sept. 1 to 18,000 on Sept. 3. ethereum saw a similar boost. Whale transactions consisting of at least $100,000 worth of eth increased from 2,150 on Aug. 31 to 4,530 on Sept. 3, according to ITB data.
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Data shows that whales have also started moving the largest stablecoin by market cap, Tether (USDT). According to ITB data, the number of large USDT transactions increased from 2,260 on August 31 to over 5,000 on September 3.
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On September 3, the top two cryptocurrencies saw net outflows of 7,290 btc and 71,370 eth, worth a combined $585 million. This move shows further accumulation as the broader cryptocurrency market moves through uncertainty.
On the other hand, USDT recorded approximately $66 million in net inflows on the same day. Typically, rising stablecoin inflows on centralized exchanges could indicate increased bitcoin and altcoin purchases.
According to a report by crypto.news, more than $1 billion worth of btc left exchanges between August 26 and September 2.
Today, both bitcoin and ethereum faced downward momentum. btc fell by 3.5% and is trading at $56,700 at the time of writing. eth fell by 4% and is currently trading at $2,400.
