Whales Exercise Patience as Bitcoin and Ethereum Consolidate: On-Chain Insights

As leading cryptocurrencies Bitcoin and Ethereum enter a consolidation phase, on-chain data reveals the behavior of large holders, or whales. On-chain analytics firm Santiment suggests that these whales may be strategically waiting for optimal conditions rather than losing interest.

Lowest Levels of Large Transactions in 2023: Santiment notes that large transactions, defined as those exceeding $100,000, are currently at their lowest levels in 2023. This trend indicates a potential period of strategic waiting for whales, rather than a lack of interest. With Bitcoin trading between $26K and $27K, and Ethereum at $1.6K to $1.65K, the market’s top caps exhibit a cautious approach.

Accumulation Among Long-Term Holders: Long-term Bitcoin hodlers, individuals holding Bitcoin for over 155 days, now control 70% of the total supply, equivalent to 14,787,265 BTC. This growing number of long-term holders suggests an ongoing trend of accumulation in preparation for the next bull run. Over 57% of Bitcoins on the network have not been moved in over two years, according to Bitcoin analyst Charles Edwards.

BTC and ETH Price Movement: At the time of writing, BTC has experienced a 1.16% increase in the last 24 hours, reaching $26,865. Analyst Ali’s recent assessment indicates potential upward pressure targeting $28,000 or $31,000, with a bearish scenario invalidated if BTC falls below $24,500.

Whale’s Bullish Bet on ETH: Recent data from Wu Blockchain reveals a cumulative trade volume of 92,600 ETH block calls in the past 24 hours. Additionally, a prominent whale has executed a significant trade, purchasing $150 million worth of notional ETH calls. These bullish buys reflect a clear long-term outlook.

Current ETH Price and Performance: As of the latest update, ETH is trading in positive territory, with a marginal increase in the last 24 hours, bringing it to $1,636.

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