Bitcoin and Ethereum whales buying at every price dip, relief rally soon?

Bitcoin and Ethereum whales buying at every price dip, relief rally soon?

Time Stamp: May 13, 2024 12:51 AM
Source Node: 2576734
  • 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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