Bitcoin and Ethereum Whales Buying At Every Price Dip, Relief Rally Soon?
Highlights
- In the last 24 hours, the Bitcoin whales have accumulated over $1 billion worth of BTC.
- 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 (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.
Bitcoin Whale Activity On The Rise
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.
CryptoQuant CEO Ki Young Ju stated that the fundamentals of the Bitcoin blockchain are strong enough to support a market cap that is three times its current size. As per him, bitcoin could easily sustain a price of $265K.
#Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K. pic.twitter.com/GnsrSIrtuY
— Ki Young Ju (@ki_young_ju) May 8, 2024
According to an analysis by Rekt Capital, as Bitcoin continues to consolidate within the range of its current price and $70,000 following the Halving event, the cycle is anticipated to decelerate. This deceleration is likely to realign the current cycle with the historically recurring Halving Cycle, potentially leading to a Bull Market peak around mid-September to October 2025.
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 $32.14 million) from Binance since May 2.
The investor then converted the ETH to staked Ethereum ($stETH) and deposited it into the decentralized lending platform Aave. Subsequently, they borrowed $28.5 million worth of stablecoins from Aave to reinvest in acquiring more Ethereum.
A whale who is long $ETH withdrew 6,030 $ETH($18.09M) from #Binance again 20 minutes ago.
This whale has accumulated 10,758 $ETH($32.14M) from #Binance since May 2.
He swapped $ETH to $stETH and deposited it into #Aave, then borrowed $28.5M stablecoins from #Aave to buy more… pic.twitter.com/tbtXLDbvua
— Lookonchain (@lookonchain) May 9, 2024
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.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
