Crypto whales have been hard at work in recent months: details

Crypto whales and sharks are known to influence the market in one direction, causing losses or gains simply by moving their assets. Observing the activities of these market makers can help traders prepare for the next potential move in an asset’s price.

Analysts at crypto data platform Santiment have revealed whale and shark wallet hoarding and dumping trends for major digital assets such as bitcoin (BTC), ether (ETH), Tether (USDT) and USD Coin (USDC) during the last months.

According to the report, the key stakeholders, or whales in this case, are portfolios worth more than $100,000. The only exceptions to Santiment’s rule are BTC and ETH, which have very large market caps.

Bitcoin Whale activity is down

Santiment’s analysis found that the percentage of bitcoins holding wallets with between 10 and 10,000 BTC has decreased by 0.40% in the past two months. At the same time, the total BTC pool of the same cohort of market participants is down 0.21% in the same time period.

Additionally, transfers of BTC worth $100,000 or more have declined in the past three months, stretching to a few weeks before the asset hit an all-time high in mid-March. This drop also extends to daily BTC transfers worth $1,000,000 or more.

Analysts noted that the drop is not a major cause for concern, as narrowing the past six months and isolating the collective holdings of 10-10,000 BTC wallets shows that the long-term accumulation pattern of ‘These market participants are moving north.

“This is not necessarily a bad thing, as it simply reflects that large key stakeholders are not finding any meaningful opportunities to earn or accumulate profits at this time,” Santiment analysts said.

Earnings from Ethereum to Bitcoin

In addition to BTC, the total collective USDT of wallets with $100,000 to $10 million in Tether is down 5.55% in the past two months, while USDC is up 11.45% in the same period of time. Analysts said the build-up of USDC, while not making up for the continued dumping of USDT, implies growing purchasing power.

On the other hand, Ethereum stakeholders have been persistent in hoarding ETH. Over the past 14 months, wallets with at least 10,000 ETH have accumulated 21.39 million ETH, increasing their balances by 27%.

In recent weeks, rumors and approvals of spot Ethereum exchange-traded funds (ETFs) have further fueled the ETH accumulation trend. Daily transfers of ETH worth more than $10,000 and $1 million witnessed a noticeable increase after US authorities released the ETFs for trading.

Santiment analysts predict that Ethereum will continue to beat Bitcoin by percentage if wallets with more than 10,000 ETH continue to move north in their accumulation.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!