According to Kraken, BTC whales are taking advantage of weakness as ETH whales take profits in January

The Kraken exchange said cryptowhales took different moves in January regarding their Bitcoin (BTC) and Ethereum (ETH) holdings.

In one report Recently, Kraken first defines whale wallets as those holding more than 1,000 BTC or 10,000 ETH, and then digs into the data to show that while the number of bitcoin whales has declined, the remaining whales are charging their wallets to have.

“Although the number of BTC whales trended down in January 2022, the amount of BTC held by whale addresses increased from 7.916 million to 8.013 million on Jan. 31, meaning that despite fewer BTC whales, some have taken advantage of the weakness over the past month to accumulate more.”

While Bitcoin fell nearly 20% over the past month, Kraken pointed out that January was the most volatile month in the history of the leading cryptocurrency.

“January 2022 was relatively quiet compared to the past with an average volatility of 54%.

It was the third most uncertain month since 2011.”

The report further notes that the price movement of Bitcoin mirrors the price movement of other asset classes.

“After trending up for most of the month, BTC’s correlation with risky assets declined in December 2021 and rebounded in January.

BTC correlation with Nasdaq and S&P 500 are both bullish… Like US stocks, BTC price action turned negative in January as risky assets sold off afterwards [Cục Dự trữ Liên bang] propensity for restrictive politics”.

Source: Kraken Intelligence

At the time of writing, Bitcoin is trading sideways at $43,184.

Kraken, followed by leading smart contract platform Ethereum, says ETH whales have sold their holdings.

“The number of ETH held by whales has fallen from 81.286 million to 81.241 million while the number of ETH whales has increased, suggesting that January’s weakness came as whales took profits.”

Source: Kraken Intelligence

Ethereum price is down 29% in the last month despite steadily rising from lows near $2,200 since Jan. 24.

ETH is currently down 2.79% on the day to $3,070.

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