Cryptos surge, Bitcoin V hits $26,000!

Sona59

Bitcoin (BTC) briefly dipped below $25,000 in the early morning of September 12, hitting a low of $24,901. Just as the market was concerned about whether BTC would continue to decline, it surged rapidly around 11 a.m., approaching $26,000 at one point. As of the time of writing, it has retraced to $25,815, with the earlier losses fully recovered.

Ethereum's gains have been relatively weaker, retracing to $1,578 at the time of writing, with a 2.02% decline over the past 24 hours.

It's worth noting that as the overall cryptocurrency market started to dip last night, blockchain data shows that major market makers transferred tens of millions of dollars worth of BTC and ETH to exchanges.

Blockchain analytics company Arkham Intelligence tweeted in the morning, indicating that asset management firm Abraxas Capital transferred 14,130 ETH (worth about $22.5 million) to Bitfinex in two transactions. Market maker Jump Trading also sent nearly 235.72 BTC (worth $5.9 million) to Binance.

Wintermute transferred millions of ARB
Additionally, for the L2 project ARB, which saw a decline of over 10% yesterday, blockchain analysis platform Lookonchain monitoring indicated that Wintermute Trading deposited a total of 4.35 million ARB (approximately $3.36 million) into Binance during the falling market last night. Currently, this wallet still holds 36 million ARB (about $27.7 million). Furthermore, they mentioned a whale address that transferred 3.8 million ARB to Binance, an address that had withdrawn 17.62 million ARB from Binance in April this year, resulting in a loss of $1.3 million but still holding over 13.78 million ARB.

According to CoinGeko data, Arbitrum (ARB) has been experiencing a continuous decline recently and was the biggest loser among the top 100 in market capitalization during the market's fall last night. Its current market value has even fallen below its main competitor, Optimism (OP).

There is currently no exact information on why multiple market makers would simultaneously transfer large amounts of crypto assets in the midst of a market decline. However, some in the community believe that when market makers transfer assets into exchanges, it can easily cause investor panic and trigger price declines because smaller traders tend to follow the on-chain actions of large institutional traders. Additionally, the bankrupt cryptocurrency exchange FTX is set to hold a motion this week to liquidate $3 billion worth of assets, which has also raised concerns among investors and may lead to a sell-off.