This year, the correlation between the cryptocurrency market and traditional finance is more entrenched than ever before. This was largely due to the introduction of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds, the arrival of BlackRock, VanEck, Fidelity and many other giant financial institutions to the market.
On the one hand, the market has seen a great leap in adoption, but on the other hand, its independence and originality have noticeably decreased, and the movements of a number of cryptocurrencies are repeating the performance of key stock market indices. We mean the U.S. stock market, of course.
Now, in anticipation of the opening of the U.S. market, one can often see large movements of cryptocurrencies, mainly the same BTC and ETH. Sometimes, however, these transfers cause more excitement than most.
For example, in the last hour, such a surprise was caused by the transfer of 1,762 BTC, which is equivalent to almost $180 million, as well as 20,467 ETH, equal to about $75.46 million.
Such moves from unknown wallets to centralized exchanges are causing excitement among crypto market participants, due to the fact that they are considered a harbinger of an imminent sale by a major player.
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Whether that is the case here is an open question. Nevertheless, right now, the price of Bitcoin is not falling, but even on the contrary is cheerfully green by more than 2.1%, which is very impressive for an asset with a capitalization of more than $2 trillion. The price of Ethereum is also trading in the plus side since the opening of the trading day.