Categories: Bitcoin

Can whales save Bitcoin and Ethereum and push them past ATH?

October provided the much-needed kick-start for the Bitcoin and Ethereum rallies. Both assets have hit local highs in the past few days.

However, at the time of writing, Bitcoin is trading over $ 60,000 while Ethereum is changing hands at $ 3.7,000. In fact, the prices of the two leading coins appear to be moving further south, suggesting a lack of momentum in their respective markets.

Source: TradingView

Whale rescue?

Bitcoin’s major rallies in the past have been led by whales, and it looks like the same is going to happen at this time. In the last 5 weeks alone, the number of Bitcoin addresses with 100 to 1,000 BTC has increased by more than 250. This results in a cumulative slope of 2%.

Source: Santiment

Given the large number of coins, these addresses are often considered representative of whales. From the graph above, it can be seen that the majority of whales survived the previous market correction. In contrast, there are only a few large HODLers for sale.

Plus, the number of addresses has grown 2% faster than other periods in the past, which is a pretty good sign.

Additionally, according to CryptoQuant data, the relative size of the top 10 inflows relative to total inflows on all exchanges has decreased since the last week of September. Whenever that number goes down, it shows a decrease in whale selling pressure.

Source: CryptoQuant

On the other hand, the number of 100-1k ETH token HODL addresses related to Ethereum remained stagnant over the same 5 week period.

It should also be noted, however, that the current number of addresses is reminiscent of the May numbers – just as Bitcoin’s current numbers are correct for April. Whales rarely supported Ethereum in bull phases in the recent past. So the currently unattractive numbers are nothing to worry about.

Source: Santiment

Additionally, Bitcoin and Ethereum’s foreign exchange reserves are pretty close to their all-time lows at press time. Hence, it can be said that new Bitcoin whales have started buying.

If this continues, they could reverse the trend on the short term price chart. Ethereum, on the other hand, will have to rely more on retail commitment to accomplish the same feat.

In general, whale actions will be more useful for Bitcoin than for Ethereum.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Ambcrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.