Amber and Dragonfly: The Whales’ Playground

On April 14th, according to Twitter user ember monitoring, whales/institutions that previously purchased coins from Amber and Dragonfly through OTC methods are still continuing. In the past week, the whale/institution used 576000 USDC to purchase 1 million BLURs from Amber; Purchase 500000 BLURs and 200000 DYDXs from Dragonfly using 805000 USDC. At present, the address has purchased a total of 1.4 million DYDXs (with an average cost of $2.57) and 4.5 million BLURs (with an average cost of $0.65).

Giant Whale address purchased $1.4 million BLUR and $4.5 million DYDX through OTC channels

Have you been keeping up with the current crypto market trends? Despite the harsh criticism, the cryptocurrency market is still being dominated by whales and institutional investors. Recently, Twitter user Ember Monitoring found out that institutions who previously purchased coins from Amber and Dragonfly through OTC methods are still continuing.

The Recent Purchase

According to the Twitter user, the whales/institution used 576000 USDC to purchase 1 million BLURs from Amber recently. In addition, they also bought 500000 BLURs and 200000 DYDXs from Dragonfly using 805000 USDC. Currently, the address has bought a total of 1.4 million DYDXs (with an average cost of $2.57) and 4.5 million BLURs (with an average cost of $0.65). This mind-boggling purchase has shocked the crypto market and has created a buzz on social media.

What is Amber and Dragonfly?

Before we dive deep into the crypto purchase made by the whales, let’s understand Amber and Dragonfly. Amber is an OTC cryptocurrency trading platform that provides liquidity solutions to cryptocurrency traders and investors. On the other hand, Dragonfly is a venture capital firm that invests in the cryptocurrency space. Both companies are known for providing liquidity in the crypto market.

The Rise of Whales and Institutional Investors

The presence of whales and institutional investors in the crypto market is nothing new. In fact, it is essential for the market’s growth and stability. These whales, due to their massive purchases, have the power to influence the market’s direction single-handedly. Institutional investors, on the other hand, have been flocking towards the crypto market due to its high potential returns.
The past year has seen a rise in the number of institutional investors entering the crypto market. In January 2021, Tesla, led by billionaire Elon Musk, announced a $1.5 billion investment in Bitcoin. Furthermore, Goldman Sachs has announced that they plan to open a Bitcoin trading desk soon. With such significant institutional investments, the future of the crypto market looks promising.

The Impact of Whales and Institutional Investors

Whales and institutional investors, with their vast amount of funds, have a significant impact on the crypto market. They hold the power to manipulate the market’s direction, create demand or supply, and influence the price of cryptocurrencies. The crypto market is highly volatile, and the slightest change in demand or supply can cause a ripple effect throughout the market.
Moreover, the influential power of whales and institutional investors can cause a surge in price, drawing more retail investors towards the market. However, it can also cause a significant loss for retail investors if they enter the market without proper research and knowledge.

Conclusion

In conclusion, the recent purchase made by whales through Amber and Dragonfly has created quite a stir in the crypto market. The presence of whales and institutional investors is vital for the market’s growth, and their investments are a testimony to the market’s potential. The crypto market is highly volatile, and retail investors must do thorough research before investing their hard-earned money.

FAQs

1. What is Amber, and what does it do?
Ans: Amber is an OTC cryptocurrency trading platform that provides liquidity solutions to cryptocurrency traders and investors.
2. Who are whales in the crypto market?
Ans: Whales are investors who hold a vast amount of cryptocurrency and can influence the market’s direction with their massive purchases.
3. Why are institutional investors investing in the crypto market?
Ans: Institutional investors are investing in the crypto market due to its high potential returns.