Bitcoin (BTC), the biggest cryptocurrency in the world, is still trading under pressure despite not breaking $64,000 last week. With a market valuation of $1.213 trillion, Bitcoin is now down 1.33% at $61,605 as of the time of publication. In the larger cryptocurrency market, selling pressure is evident as the price of Ethereum (ETH) has recently struggled to stay over $3,000. Nevertheless, it appears that whale activity has resumed for these two leading cryptocurrencies.
An Increase in Bitcoin Whale Activity
Significant whale activity has been seen over the last day, according to insights from on-chain analytics provider Santiment, as Bitcoin continues to trade in a narrow range between $61K and $64K. The total amount of coins in wallets with 1,000–10,000 BTC is estimated to be $941 million. They have recovered to their best holding level in the last two weeks, according to this accumulation trend.
According to Ki Young Ju, CEO of CryptoQuant, the Bitcoin blockchain’s foundations are solid enough to sustain a market capitalization three times larger than it is now. He believed that the price of bitcoin could easily reach $265K.
An Ethereum whale hoards $32 million in Ethereum.
Lookingonchain, a provider of on-chain data, has revealed that a major Ethereum ($ETH) long position holder recently removed 6,030 ETH, or $18.09 million, from the exchange Binance. This withdrawal fits into a pattern of accumulation; since May 2, the whale has purchased 10,758 ETH from Binance, valued at $32.14 million.
After converting the ETH to staked Ethereum ($stETH), the investor put the funds into Aave, a decentralized lending platform. They then took out a $28.5 million stablecoin loan from Aave to use as additional funding to buy Ethereum.
The price of Ethereum is currently trading at slightly less than $3,000. If ETH fails to sustain these levels, we could witness more market decline all the way below $2,700.
