The noticeable drop in whale activity across major cryptocurrencies has been evident in recent months.
For Bitcoin and Ethereum, peak weeks for transactions over $100,000 reveal a significant reduction in whale engagement.
For Bitcoin, whale transactions peaked at 115,100 during the week of March 13-19, 2024. By the week of August 21-27, this number had dwindled to 60,200. Similarly, Ethereum saw peak whale transactions of 115,100 during the same March period, but this dropped to 31,800 by August. This decline suggests a reduction in high-value transactions from whales.
🐳 The decline in overall whale activity across most crypto assets has become more and more noticeable. Peak 2024 $100K+ transaction weeks for BTC & ETH compared to recently:
Bitcoin:
March 13-19: 115.1K Whale Transactions
August 21-27: 60.2K Whale TransactionsEthereum:
March… pic.twitter.com/kBseamXiCT— Santiment (@santimentfeed) September 3, 2024
It’s important to note that a decrease in whale activity does not necessarily indicate impending price drops or dumping. Whales often become more active during periods of high volatility, so their reduced activity might simply reflect current market conditions rather than a bearish outlook.
In contrast to the decline in whale activity, Ethereum continues to expand its user base significantly. As of recent data:
– Bitcoin has 54.18 million total holders, marking a slight decrease of 0.1% over the past three months.
– Ethereum has surged to 126.96 million total holders, a notable increase of 3.3% in the same period.
– Tether has reached 5.99 million holders, up 4.0% over the past three months.
📈 Ethereum continues to separate itself from Bitcoin in terms of wallet growth:
🪙 Bitcoin: 54.18M Total Holders (-0.1% in 3 Months)
🪙 Ethereum: 126.96M Total Holders (+3.3% in 3 Months)
🪙 Tether: 5.99M Total Holders (+4.0% in 3 Months) pic.twitter.com/C1QSrcRIO1— Santiment (@santimentfeed) September 3, 2024
Ethereum ETFs Recorded Net Outflow Of 861 ETH
In the latest ETF update as of September 2, Ethereum ETFs experienced a net outflow of 861 ETH, valued at $2.17 million. Grayscale’s Ethereum Trust (ETHE) saw outflows of 2,237 ETH, totaling $5.63 million. Currently, Grayscale holds 1,807,366 ETH, valued at approximately $4.55 billion.
Sept 2 Update:
10 #Bitcoin ETFs
NetFlow: -795 $BTC(-$46.53M)🔴#Grayscale(GBTC) outflows 392 $BTC($22.96M) and currently holds 226,862 $BTC($13.29B).9 #Ethereum ETFs
NetFlow: -861 $ETH(-$2.17M)🔴#Grayscale(ETHE) outflows 2,237 $ETH($5.63M) and currently holds 1,807,366… pic.twitter.com/S2Y59qrZ0G— Lookonchain (@lookonchain) September 2, 2024
Overall, while whale activity may be on the decline, Ethereum’s growth in wallet holders indicates continued interest and expansion within the ecosystem, contrasting with Bitcoin’s slower growth in this area.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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