Bitcoin and Ethereum Whale Activities Plummets, Are Whales Getting Bored?
2023年2月2日 - 12:00AM
NEWSBTC
Over the past few weeks, Bitcoin and Ethereum have moved
significantly, initiating a bull run. While the rally seems to be
nonstop, one thing worth noting is that the frontline cryptos seem
to be lagging behind at the backend. On Tuesday, On-chain analysis
platform Glassnode reported that whale participation on Bitcoin and
Ethereum is fading away. The Bitcoin amount of supply last active
for 3-5 years has recorded a two-year low. Glassnode added that
total Ethereum wallets holding 10,000 ETH tokens and above have
also plummeted to a 1 month low. Bitcoin And Ethereum Whale
Activities Drops As reported by Glassnode, Bitcoin’s 3-5-year
supply had dropped to a two-year low, at 2,144,828.279 BTC, lower
than its previous low, which was around 2,144,844.528 BTC. Ethereum
whales have also followed suit. The number of wallets holding
10,000 ETH and more dropped to a one-month low of 1,194 ETH. The
lowest level recorded before this figure was 1,195 ETH which was
seen as of January 30, 2023. Following the Glassnode report,
communities in the crypto market are beginning to wonder and
suggest that whales might be getting bored. However, Bitcoin and
Ethereum are part of the crypto assets that have gained
significantly since the beginning of the year. Related
Reading: Ethereum Price Holds Ground And Sees Fresh Rally, Bulls
Are Not Done Yet Bitcoin, in particular, after dropping by over 50%
from its all-time high amid the crypto winter, is beginning to
indicate a rebound as it has recently crossed the $23,000 mark.
Similarly, Ethereum, after dropping nearly 60% from its peak, has
recently crossed $1,600, achieving a two-month high since bear
season. Furthermore, Glassnode said that the number of Bitcoin
wallets holding at least 1,000 BTC plummeted to a three-year low of
2,027, affirming the concept that whales might be lacking interest
in Bitcoin, the largest crypto by market cap. Are Whales
Getting Bored? Though it may seem like whales are getting bored,
given the proven report from Glassnode, both crypto assets are
still moving significantly in price and trading volume. Over the
past 30 days, Bitcoin trading volume had surged from $12.9 billion,
seen early last month when BTC traded at the $16,000 region to
above $31.9 billion with a market price ranging above $23,000.
Related Reading: Time To Sell Bitcoin And Crypto? ‘Big Short’
Michael Burry Tweets ‘Sell’ Its market cap also mirrored the upward
movement surging by 39% in the past 30 days from $322 billion as of
January 1 to $443 billion on February 1. Similarly, Ethereum
trading volume has spiked from its $3.5 billion 24-hour trading
volume seen earlier this year to $7 billion recorded in the past 24
hours. ETH’s market cap has also increased 31.8% in the last 30
days from $146 billion on January 1 to $190 billion as of February
1. Meanwhile, ETH is currently in an uptrend at the time of
writing, up by nearly 1% in the last 24 hours. The price chart
indicates a further upward momentum as after a retracement comes a
reversal. Bitcoin, on the other hand, is up 1% in the last 24
hours. Looking at the price chart, BTC has been consolidating for
the past few days. Should the price move away from the
consolidation zone, we could see a significant movement either to
the upside or downside. Featured image from Unsplash, Chart from
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