- Bitcoin and Ethereum are experiencing increased whale activity, with Bitcoin price fluctuating between $61,000 and $64,000, and a surge in ETF inflows.
- Bitcoin whales have accumulated over $1 billion worth of BTC in the last 24 hours, while a single Ethereum whale has accumulated more than $32 million worth of ETH over the last week.
- Top investors continue to scoop supply on every fall in BTC and ETH price.
Bitcoin and Ethereum whales are buying at every price dip, indicating a possible relief rally soon. This article explores the recent whale activity and its potential impact on the crypto market.
Bitcoin Whale Activity On The Rise
Bitcoin (BTC), the world’s largest cryptocurrency, remains under pressure following its inability to surpass $64,000 last week. Currently, Bitcoin is trading at a price of $61,605, down 1.33%, with a market capitalization of $1.213 trillion. This selling pressure is also evident in the broader cryptocurrency market, with Ethereum (ETH) price struggling to maintain above $3,000 recently. Nevertheless, there has been a resurgence in whale activity for these top two cryptocurrencies.
Whales Accumulating BTC and ETH
According to insights from on-chain data provider Santiment, as Bitcoin maintains a tight range between $61K and $64K, significant whale activity has been observed in the past 24 hours. Wallets holding between 1,000 and 10,000 BTC have collectively amassed approximately $941 million worth of coins. This accumulation trend marks a rebound to their highest holding level in the past two weeks.
Ethereum Whale Scoops $32 Million worth of ETH
According to insights from on-chain data provider Lookonchain, a significant investor holding a long position in Ethereum ($ETH) recently withdrew 6,030 ETH (equivalent to $18.09 million) from the exchange Binance. This withdrawal follows a pattern of accumulation, with the whale acquiring a total of 10,758 ETH (valued at $32.14 million) from Binance since May 2.
Conclusion
As of press time, the Ethereum price is trading just under $3,000. If ETH fails to hold these levels, we could see further price correction all the way to $2,700. However, the increased whale activity in both Bitcoin and Ethereum suggests that top investors are confident in the long-term value of these cryptocurrencies, buying up supply at every price dip. This could indicate a potential relief rally in the near future.
