Whale Transactions Spike For Bitcoin, Ethereum And Dogecoin, Will The Rally Continue?
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Recently, there was a spike in whale transactions in the crypto industry, increasing the crypto market capitalization, and top assets like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) began to record steady gains.
Further, the spike in whale transactions also affected an ETF token ETFswap (ETFS) as whales rushed in to buy it in its ongoing presale. Let’s discuss the ETFswap (ETFS) ecosystem and how the crypto market fared with the increase in whale transactions.
ETFSwap ETF Trading Platform Catches Whale Attention
ETFswap (ETFS) is a crypto ETF trading platform that facilitates the trading and converting of exchange-traded funds (ETFs) to crypto assets on the blockchain. It was able to do this by creating a tokenized version of ETFs, which will directly represent its traditional counterpart on-chain, enabling traders to invest in several asset classes on a single interface.
The tokenized ETFs can also be converted to other crypto assets and fiats, compared to traditional ETFs, which can only be converted to fiats. The key element responsible for the conversion is ETFS, a standard ERC-20 token that functions as the platform’s native token.
Users who hold ETFS can use it to purchase tokenized ETFs and easily swap back to ETFS with the platform’s seamless swapping feature. Also, users who hold ETFS will gain voting rights, enabling them to participate in the network governance and earn passive income through ETFswap’s (ETFS) mouthwatering annual percentage rate on staking, which is up to 87%.
Further, ETFS holders will be privy to exclusive trading opportunities and gain early access to all new ETF listings on the platform. ETFswap (ETFS) is offering ETFS to the crypto community at a low price of $0.01831 in its ongoing public presale, attracting the attention of whales who see it as an undervalued asset with lots of promising potentials.
Bitcoin, Ethereum, And Dogecoin Bounce Back With A Surge In Whale Transactions
The crypto market seems to be recovering from the severe bearish cycle that gripped the industry as top assets in the market, like Bitcoin (BTC), Ethereum, and Dogecoin (DOGE), began to record steady gains.
Interestingly, the turnaround in market sentiment was influenced by a massive spike in whale transactions for Bitcoin (BTC), Ethereum, and Dogecoin, as shown by data from on-chain intelligence firm IntoTheBlock. According to IntoTheBlock, there was a 154% increase in transaction volumes, and the number of transactions ranging from $100,000 more than doubled in a single day from 4,580 to over 9,000.
Furthermore, for Bitcoin (BTC), Ethereum, and Dogecoin, the number of daily active addresses spiked 42%, resulting in a 71.9% increase in exchange netflows; the global crypto market capitalization also increased by 2.6%, pushing it towards the $2.5 trillion level.
Following these latest developments, analysts are confident that a rally is on the horizon for Bitcoin (BTC) and the entire crypto market. One of them is a crypto trader known as Blockchainedbb on X (formerly Twitter).
The trader in an X post believes Bitcoin (BTC) closing above $60,000 for three consecutive days is a sign of an upcoming rally. Currently, Bitcoin (BTC) hovers around the $61,000 level, Ethereum (ETH) trades below $3,500, and Dogecoin (DOGE) is worth $0.124, according to data from Coingecko.
Conclusion
Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and ETFswap (ETFS) were undoubtedly all positively affected by the spike in whale transactions, which signalled increased interest in the crypto industry. However, ETFswap (ETFS) has seen more whales rush into its ecosystem and presale event as it promises automatic yield to all early investors since the price of ETFS is expected to increase to $0.03846 soon.
Also, analysts are confident that ETFS will increase to $3 as we approach the next crypto rally, resulting in a 200x yield for all who buy it now. So, like those whales, buy ETFS today to secure your chances of making a 200x yield on your investment.
For more information about the ETFS Presale:
