Bitcoin Hodler has held steady holdings of cryptocurrencies over the past few months. Bitcoin whales in particular seem to be doubling down despite the current uncertainty in Bitcoin’s future projection. On the other hand, Ethereum whales, the world’s second largest crypto, are on a different trajectory.
Bitcoin whales are buying, Ethereum whales are selling!
On-chain data shows that Ethereum whales have been dumping assets in recent years, while Bitcoin whales have been accumulating. According to Glassnode data, long-term holders add an average of 50,000 BTC to their wallets every month. The HODLer Net Position Change indicator also clearly reveals this.
Research analyst James Straten says Ethereum whales worth more than 1,000 ETH have been selling for a while. Along with a Glassnode chart, it shares a correlation between crypto whales. On-chain data shows that ETH whales have disposed of 20 million ETH since 2022. It also reveals that whales sold 12 million ETH this year alone.
BTC price daily chart. Source: TradingviewPossible explanation for contrasting whale activity
These on-chain measurements provide insight into the prevailing mood among whales of different blockchains. The amount of ETH held by whales indicates that they are selling or moving their funds to other cryptocurrencies. However, a better possibility is that these whales have transferred their ETH to Ethereum smart contracts. cryptokoin.com As you follow from , Ethereum 2.0 started its journey in December 2020. Since then, the number of tokens in the staking protocol has increased significantly.
ETH 2.0 requires validators to deposit 32 ETH into the deposit contract to verify transactions on the Ethereum Blockchain. Currently, 31.2 million ETH worth $48.6 billion is locked in the contract. This seems consistent with on-chain data showing that the percentage of supply tied to smart contracts outpaced supply from addresses holding 1000+ ETH in late 2020. Crypto research analyst André Dragosch shared this correlation on social media platform X. The correlation supports that Glassnode data does not take into account ETH tied to smart contracts for the whale supply metric.
Bitcoin and Ethereum price performance
At the time of writing, Bitcoin was trading at $27,022, up 0.54% on a daily basis. The leading cryptocurrency regained the critical level of $ 27 thousand before starting the new week. Despite all the pressure, the stance of BTC whales also increases the resistance of the cryptocurrency. The leading altcoin Ethereum was trading at $1,563 on its daily chart, with an increase parallel to BTC. However, according to experts, it is possible that a recently failed bullish pattern could cause the ETH price to decline.
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