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Bitcoin and Ethereum Whales Buying At Every Price Dip, Relief Rally Soon?

With Bitcoin price fluctuating between $61,000 and $64,000, whale activity sees a notable increase, coinciding with a surge in ETF inflows.
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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.

Courtesy: Santiment

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.

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.

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.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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