As an experienced analyst, I believe that the contrasting whale activities between Bitcoin and Ethereum can provide valuable insights into their respective market sentiments and potential future price movements.
Large-scale Bitcoin investors, referred to as “whales,” seized an opportunity during a recent price downturn and purchased approximately 20,600 BTC, equating to over $1.38 billion in a single day, based on data from CryptoQuant. This massive acquisition is the biggest observed since early 2022, signifying robust accumulation as Bitcoin’s value dipped from around $7,650 to approximately $69,000. An additional substantial purchase day emerged when the price continued its decline.
As of June 11, the most recent data indicates a significant increase in whale activity. However, we don’t have access to the data from June 12 yet. Currently, Bitcoin is priced around $67,500, slightly below its previous high of $73,737, which was reached in March.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development: The exchange supply of Bitcoin has dipped to approximately 942,000 BTC, which is the lowest it’s been since late last year. Typically, such a decrease signals a bullish outlook among investors, who anticipate potential price growth.
The amount of Bitcoin held on cryptocurrency exchanges has reached a new low not seen since late December, 2021 (approximately 942K coins). In contrast, Ethereum and Tether have started moving back into the exchange market. Historically, a decrease in Bitcoin’s exchange supply is associated with reduced risk for the entire crypto market due to fewer coins being readily available for sale.
— Santiment (@santimentfeed) June 13, 2024
Recently, Ethereum’s large investors, or “whales,” have purchased approximately 240,000 ETH, equivalent to around $840 million. In comparison, Bitcoin has shown a different trend. According to Santiment, there has been a rise in the quantity of Ethereum available on exchanges, reaching a total of 17.98 million ETH, which is valued at approximately $63.1 billion.
I’ve noticed that Ethereum is currently priced at $3,510, which is a drop from its previous price of $3,815 in mid-June. Yet, both Bitcoin and Ethereum remain popular among big-time investors, indicating distinct market tendencies for these two leading cryptocurrencies.
In recent times, Bitcoin and Ethereum have displayed disparate trends when it comes to the activities of large investors, or “whales.” While Bitcoin has witnessed substantial accumulation during price declines, signaling robust investor faith and a shrinking exchange supply, Ethereum has experienced an uptick in exchange supply despite whale purchases.
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2024-06-13 11:00