Bitcoin (BTC) Long Term Holder Accumulation Hits New High, Ethereum (ETH) Whales Addresses Increase

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Bitcoin (BTC) Long Term Holder Accumulation Hits New High, Ethereum (ETH) Whales Addresses Increase

Two of the world’s largest cryptocurrencies – Bitcoin and Ethereum – have made solid moves over the last weekend breaking past crucial resistances. BTC has surged all the way to $48,000 while ETH has been trading past $3,300 levels.

As Bitcoin continues to make strong gains, its long-term holder accumulation has reached the highest level as per data from Glassnode. Furthermore, as BTC gives a weekly close above $46,000, its short-term capitulation seems to be over.

Additional on-chain data shows that the Bitcoin accumulation is pretty strong at this stage. Citing data from Glassnode, crypto market analyst Dylan LeClair explains:

Bitcoin is trading at $48,000 and throughout its entire history, there has only been one other time that the percentage of supply that hadn’t moved in over a year was at this level; September 2020.

Courtesy: Glassnode

But as the Bitcoin (BTC) price approaches $48,000, we might see some short-term profit booking at this stage. To understand this, let’s take a look at the Bitcoin MVRV ratio. It shows the average Profit/Loss of Bitcoin holders who bought the coin within the last year.

As we know the BTC price has surged past $47,000 for the first time in three months since January 4, 2022. Crypto market analyst Lesia Chenko writes:

Short-term MVRV (30d) is breaking above 10%, meaning recent Bitcoin buyers are on average up 10% on their investment. Previous two times when avg P/L of short-term traders reached 10% we faced strong selling pressure (sending BTC down over 15%).

Ethereum (ETH) Whale Addresses On the Rise

The world’s second-largest cryptocurrency has shown similar volatility as Bitcoin this year. However, the Ethereum (ETH) accumulation by whales continues on the sidelines. On-chain data provider Santiment reports:

The number of #Ethereum addresses with 10k+ $ETH has grown to the largest amount (1,329) since December, 2021. This includes 40 more in just 5 weeks. There has been an evident correlation between the number of whale addresses & future price movement.

Courtesy: Santiment
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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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