Whales Move as US Employment Data Triggers Market Volatility

The cryptocurrency market has been experiencing significant volatility in recent times, particularly after Bitcoin fell below $80,000 due to strong US employment data. The data showed a lower-than-expected unemployment rate and increased expectations of interest rate hikes by the Federal Reserve. As a result, US bond yields rose while Bitcoin's price dropped.

Whale wallets have been making headlines with their transactions in this market situation. According to Lookonchain, a major Chinese crypto whale named Garrett Jin holds a significant short position on ZEC, but he appears to be closing it down. He recently closed a 7,000 ZEC ($8.16 million) short position, incurring a loss of $4.12 million.

Jin still holds a short position of 32,760 ZEC ($37.83 million), with an outstanding loss of $18.95 million. The liquidation price is stated as $2,857.

Other whales are also making moves in the market. For example, 'HURDw' purchased a total of 285,503 SOL (worth $28.82 million) on Hyperliquid in the last three weeks. Another whale bought 3.48 million units of the altcoin '4Stock' for 163,256 USDT.

A wallet affiliated with Cumberland is accumulating PONS, withdrawing 3.5M PONS ($2.78 million) from Gate at an average price of $0.8 in the last four days. Abraxas Capital also bought 13,000 spot ETH ($32.39 million) to hedge its short position worth 141,180 Ethereum ($353.27 million).