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

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As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market fluctuations and whale activities. The recent price action in Bitcoin and Ethereum has been no exception. The failure of Bitcoin to break past $64,000 last week and the selling pressure in the broader market have left many investors feeling uneasy. However, despite these short-term concerns, I’m encouraged by the rising whale activity for both Bitcoin and Ethereum.

Bitcoin, the most significant digital currency globally, is currently experiencing trading difficulties after falling short of reaching $64,000 last week. At present, Bitcoin is valued 1.33% lower at $61,605, with a market capitalization of $1.213 trillion. The bearish trend prevails across the cryptocurrency sector, as Ethereum battles to maintain prices above $3,000. Nevertheless, intriguing developments have emerged: The buying behavior among large-scale investors, or “whales,” for both Bitcoin and Ethereum has rebounded once more.

Bitcoin Whale Activity On The Rise

Based on information from the on-chain data provider Santiment, Bitcoin has been hovering around the $61,000 to $64,000 price range for the past day. During this time, notable whale activity has emerged, with wallets containing 1,000 to 10,000 BTC accumulating approximately $941 million worth of coins collectively. This trend represents a rebound to their highest level of holding Bitcoin in the last fortnight.

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

As a researcher studying the cryptocurrency market, I’ve come across Ki Young Ju’s assertion regarding Bitcoin’s potential market cap expansion. He, being the CEO of CryptoQuant, expressed his belief that Bitcoin’s fundamental structure is robust enough to accommodate a threefold increase in its current market size. Consequently, he posits that Bitcoin could comfortably reach a price point of $265,000.

The fundamental aspects of the Bitcoin network may enable a market value triple its present figure at the last peak, which could result in a price reaching an astounding $265,000.

— Ki Young Ju (@ki_young_ju) May 8, 2024

Based on Rekt Capital’s assessment, Bitcoin’s price consolidation between its current level and $70,000 post-Halving indicates a slowing down of the cycle. This deceleration could bring the ongoing cycle in line with past Halving Cycles, possibly resulting in a Bull Market peak around mid-September to October 2025.

Ethereum Whale Scoops $32 Million worth of ETH

Based on information from cryptocurrency data provider Lookonchain, a notable investor with a long-term interest in Ethereum ($ETH) withdrew approximately 6,030 ETH, or around $18.09 million, from the exchange Binance. This action comes after this investor, identified as a ‘whale,’ has amassed a total of 10,758 ETH, equivalent to about $32.14 million, since May 2.

After exchanging their Ethereum for staked Ethereum ($stETH) and depositing it into the decentralized lending system Aave, the investor obtained a loan of approximately $28.5 million in stablecoins. They utilized these stablecoins to expand their Ethereum holdings by making new investments.

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.
As a crypto investor, I exchanged $ETH for stETH and deposited it in Aave’s smart contract. Subsequently, I utilized the deposited stETH as collateral to borrow approximately $28.5 million worth of stablecoins from Aave’s decentralized lending platform. With these newly acquired stablecoins, I expanded my investment portfolio by purchasing more desired cryptocurrencies.
— Lookonchain (@lookonchain) May 9, 2024

At present, Ethereum’s price hovers around the $3,000 mark based on current market data. Should this level give way, expect a potential downturn that might push ETH‘s value down to approximately $2,700.

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2024-05-09 10:36