Big players in the crypto world are making different moves with Bitcoin and Ethereum. Let’s break it down.
Ethereum Whales Cash Out
Data shows that wealthy Ethereum investors (holding 1,000 to 10,000 ETH, or roughly $1.8 million to $18 million) have been selling off a significant chunk of their holdings recently. Over just 48 hours, they dumped over 63,000 ETH (around $113.5 million)! This happened during Ethereum’s recent price rise, suggesting they were taking profits.
Bitcoin Whales Are Buying
The story is quite different for Bitcoin. Analysis shows that large Bitcoin holders (owning 10 to 10,000 BTC, a much wider range encompassing “sharks” and “whales”) have been accumulating Bitcoin during the recent price increase. They added a massive 19,255 BTC to their wallets. This suggests strong confidence in Bitcoin’s continued growth.
Institutional Investment Fuels Bitcoin’s Rise
Adding to the positive outlook for Bitcoin, investment in Bitcoin exchange-traded funds (ETFs) has surged. This is the highest weekly inflow in months, driven in part by major players like BlackRock.
What Does it All Mean?
The contrasting behavior of large investors in Bitcoin and Ethereum might indicate a more sustainable rally for Bitcoin. However, the crypto market is notoriously volatile, so things could change quickly. It’s definitely worth keeping an eye on what these big players are doing.
Current Ethereum Price
At the time of writing, Ethereum is trading around $1,800, a more than 12% increase in the past week.
