It is not always the time when we can see the price of Bitcoin (BTC) rising, as based on on-chain data, we can trace the activity of whale, the entity that determines the market.
Recently, as observed by Coincu, a whale increased its Bitcoin holdings to 15,000 BTC in just one day. Yes, we didnt get it wrong; it was 15.00 BTC in just one day!
This makes the entity the 4th largest whale wallet at the moment, and it comes amid market turmoil following last weeks events between the U.S. Securities and Exchange Commission with Binance and Coinbase, the top 2 crypto companies in the US.
One thing to note is that currently, only 4 wallet addresses (including 2 cold wallets of Binance) hold over 100,000 BTC per year. However, this whale only took a day to become 1 of the 4 largest BTC wallet addresses at the moment.
More specifically, the amount of BTC that wallet addresses have BTC over 10 coins accounting for more than 80% of Bitcoins market share, it can be said that if these addresses sell off at the same time, it is very likely that bloodshed will occur on the crypto market.
Source: BitInfoCharts
Don‘t know if this is a sign of a bull run, but the market is very volatile right now. On June 15, the Tether stablecoin strayed somewhat from its US dollar peg owing to an imbalance in Curve’s 3pool. The USDT declined 0.3% to roughly 0.997 as its weightage in the curve 3pool climbed to more than 70% from the typical 33%.
Curves 3pool is a decentralized finance stablecoin pool that has a significant amount of liquidity from the three major stablecoins in DeFi- USDT, USDC, and DAI. A big increase in the weightage of a certain stablecoin in the curve pool suggests excessive selling of that stablecoin.