Will Bitcoin and Ethereum Whales Take Every Price Drop and Rally Come Soon?
Bitcoin (BTC), the world’s largest cryptocurrency, continues to trade under pressure after failing to surpass $64,000 last week. As of the moment of publication, Bitcoin is trading at $61,605, down 1.33%, with a market value of $1.213 trillion. Selling pressure has been prominent in the broader cryptocurrency market, where the Ethereum (ETH) price has recently struggled to hold on above $3,000. However, it seems that the whale activities of these two cryptocurrencies are on the rise once again.
Bitcoin Whale Activity on the Rise
According to insights from on-chain data provider Santiment, significant whale activity has been observed over the past 24 hours as Bitcoin maintains a narrow range between $61k and $64k. Wallets holding between 1,000 and 10,000 BTC accumulated a total of approximately $941 million worth of coins. This accumulation trend indicates a recovery towards the highest holding level in the last two weeks.
Kindness: centimeter
CryptoQuant CEO Ki Young Ju stated that the fundamentals of the Bitcoin blockchain are strong enough to support a market cap three times its current size. According to him, Bitcoin can easily maintain a price of $265 thousand.
According to an analysis by Rekt Capital, the cycle is expected to slow as Bitcoin continues to consolidate within its current price range and the $70,000 range following the halving event. This slowdown is likely to fulfill the current cycle with the historically recurring Halving Cycle, potentially leading to a Bull Market peak from mid-September to October 2025.
Ethereum Whale Raises $32 Million Worth of ETH
According to insights from on-chain data provider Lookonchain, a significant investor with a long position in Ethereum ($ETH) recently withdrew 6,030 ETH (equivalent to $18.09 million) from the Binance exchange. This withdrawal follows an accumulation pattern, with the whale receiving a total of 10,758 ETH (worth $32.14 million) from binance since May 2.
The investor then converted the ETH into staked Ethereum ($stETH) and deposited it on the decentralized lending platform aave. They then borrowed $28.5 million worth of stablecoins from Aave to reinvest to buy more Ethereum.
As of press time, the Ethereum price is trading just under $3,000. If ETH fails to maintain these levels, we could see further price corrections towards $2,700.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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