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.
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%).
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.
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