These Crypto Whales have predicted over $100 million worth of market capers.

Over the past 24 hours, Bitcoin and altcoins have experienced high volatility, resulting in significant declines, with the overall crypto market capitalization falling by $2.53 trillion, down 8%.

This rapid market volatility may have caught many retailers by surprise. However, on-chain data shows that some large-scale investors, traditionally known as crypto-wells, have already pulled out large chunks of their holdings in anticipation of the crash.

Crypto Wales Offload Holdings

Analysts in the chain reported that many institutional investors strategically sold a portion of their holdings during the market downturn. Four crypto whales have together loaded 31,683 ETH, worth approximately $106 million.

Among the known crypto wallets are well-known entities such as Cumberland, an address linked to the bankrupt Alameda/FTX estate, and two anonymous altcoin wallets.

Cumberland, a well-known institutional crypto investment firm, has placed 17,206 ETH, worth $57.3 million, across various exchanges. On the other hand, two crypto wallets, ‘0xC3f8' and ‘0x1717', 7,976 ETH worth $26.6 million and 4,000 ETH worth $13.32 million, were transferred to Binance and other exchanges.

Similarly, FTX/Alameda Estate transferred 2,500 ETH worth about $8.33 million. Interestingly, this isn't the first time a failed exchange has managed to effectively outpace the market before heavy selling costs.

“Since March 1, FTX and Alameda have placed 15,850 ETH, worth $58 million, to central exchanges at $3,659, and dramatic price changes will follow after that,” said SpotOnChain, a blockchain company.

These significant trading activities contributed to the decline by putting additional selling pressure on the market. At the time of the report, the price of BTC fell sharply, down to $65,100.

Although the leading cryptocurrency has risen slightly to $68,000 at press time, the volatility has reduced its market capitalization to $1.3 trillion. According to data from CompaniesMarketCap, this puts Bitcoin behind Meta, Facebook's parent company, in the global ranking of top assets.

Read More: Bitcoin Price Prediction 2024/2025/2030

Regardless, computer scientist Edward Snowden scoffed at the industry's reaction to the recent dip, noting that Bitcoin's price was relatively stable during the week.

“[I] Look at the people who are confused because of the price [then I] Open the bitcoin chart [and see that the] The price is the same as it was seven days ago,” Snowden said.