Crypto Market Drops 3.8%: Whales Diverge on Strategy
The cryptocurrency market has experienced a slight pullback, with several major digital currencies seeing minor declines amidst an ongoing bull run.
This downturn occurs amid significant activity from large crypto holders, known as whales, who are displaying different strategies.
Crypto Whales: Buying and Selling
Data indicates a 3.83% decrease in the broader crypto market over the last 24 hours. Additionally, 7 of the top 10 cryptocurrencies are currently trading in the red.
Bitcoin (BTC) decreased by 0.48%. However, Ethereum (ETH), Lido Staked Ether (STETH), and TRON (TRX) showed gains, with TRON leading at 3.19%.
MicroStrategy has capitalized on this dip by acquiring 21,021 BTC for approximately $2.46 billion, averaging $117,256 per coin.
This purchase, funded through a $2.5 billion initial public offering of Variable Rate Series A Perpetual Preferred Stock (STRC), increases their total holdings to 628,791 BTC, yielding an unrealized profit of $28.18 billion.
“With approximately $2.521 billion of gross proceeds, this is the largest US IPO completed in 2025 to date based on gross proceeds and the largest U.S. exchange-listed perpetual preferred stock offering in the U.S. since 2009,”
MicroStrategy’s year-to-date BTC yield is at 25%. Their strategy involves using equity and debt to increase BTC reserves, solidifying their position as a leading institutional holder.
Besides MicroStrategy, Anchorage Digital has also increased its Bitcoin holdings.
“Anchorage Digital has accumulated 10,141 BTC($1.19 billion) from multiple wallets over the past 9 hours,”
Conversely, some long-dormant investors are taking profits. A Bitcoin holder, inactive for 12 years, moved 343 BTC (worth $40.52 million), depositing 130.77 BTC (valued at $15.45 million) to Kraken.
“This OG received 343 BTC (around $29,600 at the time) 12 years ago, when the BTC price was $86. That’s a 1,368x return!”
This follows a large transaction where Galaxy Digital sold over 80,000 Bitcoin, worth over $9 billion, on behalf of a long-term investor.
Ethereum's market mirrors this behavior, with a new wallet (0x3dF3) accumulating 12,000 ETH worth over $45 million via Galaxy Digital.
“Since July 9, a total of 9 fresh wallets have accumulated 640,646 ETH ($2.43 billion),”
However, sell-offs are also occurring. Galaxy Digital deposited 5,000 ETH ($19.28 million) into Coinbase, and Cumberland transferred 10,592 ETH (approximately $40.79 million) to the same exchange.
Fidelity also sent 12,981 ETH (valued at around $49.7 million) to Coinbase.
“The institutional address suspected to be HashKey Capital transferred 12,000 ETH to OKX the day before yesterday, and then withdrew 46.16 million USDT from OKX yesterday. In other words, those 12,000 ETH have been sold at a price of $3,847,”
The crypto whales' contrasting strategies highlight varying risk appetites and market outlooks.
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