Bitcoin
Bitcoin and Ethereum Whales Buy Every Price Drop, Relief Recovery Soon?
The world’s largest cryptocurrency, Bitcoin (BTC), continues to trade under pressure after failing to surpass $64,000 last week. At press time, Bitcoin is trading down 1.33% at a price of $61,605, with a market cap of $1.213 trillion. Selling pressure is prominent in the broader cryptocurrency market with the Ethereum (ETH) Price struggling to stay above $3,000 recently. However, it appears that whale activity for these two main cryptocurrencies has increased once again.
Bitcoin whale activity on the rise
According to insights from on-chain data provider Santiment, as Bitcoin maintains a tight range between $61K and $64K, significant whale activity has been observed over the past 24 hours. Wallets holding between 1,000 and 10,000 BTC collectively accumulated approximately $941 million worth of coins. This accumulation trend marks a recovery to the highest level of participation in the last two weeks.
Courtesy: Sanction
CryptoQuant CEO Ki Young Ju stated that the fundamentals of the Bitcoin blockchain are strong enough to support a market capitalization three times its current size. According to him, bitcoin could easily sustain a price of US$265,000.
According to an analysis by Rekt Capital, as Bitcoin continues to consolidate within the range of its current price and $70,000 after the Halving event, the cycle is expected to slow down. This slowdown will likely realign the current cycle with the historically recurring halving cycle, potentially leading to a bull market peak between mid-September and October 2025.
Ethereum Whale Raises $32 Million in ETH
According to insights from on-chain data provider Lookonchain, a significant investor holding a long position in Ethereum ($ETH) recently withdrew 6,030 ETH (equivalent to $18.09 million) from the Binance exchange. This withdrawal follows an accumulation pattern, with the whale acquiring a total of 10,758 ETH (valued at $32.14 million) from Binance since May 2.
The investor then converted the ETH into staked Ethereum ($stETH) and deposited it on the decentralized lending platform Aave. They later borrowed $28.5 million in stablecoins from Aave to reinvest in acquiring more Ethereum.
At press time, the price of Ethereum was trading just under $3,000. If ETH fails to maintain these levels, we could see a further price correction towards $2,700.