As a researcher with a background in crypto markets and data analysis, I find the recent findings from Santiment’s report on whale and shark activity in the top digital assets intriguing. These large market participants have a significant impact on market trends and can provide valuable insights into potential price movements.
As a researcher studying the cryptocurrency market, I’ve observed that large investors, referred to as “whales” and “sharks,” possess significant influence over market trends. By shifting their assets, they can cause price fluctuations, resulting in losses or gains for other investors. Keeping a close eye on these market players’ activities can provide valuable insights for traders looking to anticipate the next potential price movement.
Experts at cryptocurrency data provider Santiment have recently disclosed the buying and selling patterns of large investors, specifically whales and sharks, regarding prominent digital currencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC) during the previous months.
Based on the findings of the report, individuals or entities possessing cryptocurrency holdings valued over $100,000 can be considered significant players or “whales” in this context. However, two exceptions to this rule are Bitcoin (BTC) and Ethereum (ETH), which boast substantial market capitalizations that exceed the definition of a “wallet” in this sense.
Bitcoin Whale Activity is Down
The analysis conducted by Santiment reveals that the proportion of bitcoin owned by wallets containing between 10 and 10,000 Bitcoins has decreased by 0.40 percentage points over the last two months. Simultaneously, the overall amount of Bitcoin held by these market participants has declined by 0.21 percentage points within this timeframe.
Furthermore, the value of Bitcoin transactions exceeding $100,000 has decreased over the past three months, with this trend starting even before Bitcoin reached its record high in mid-March. The same applies to daily transactions worth $1,000,000 and above.
As a crypto investor, I’ve noticed recent declines in the market causing concern for some. However, taking a step back and looking at the past six months through the lens of the collective holdings of wallets containing 10 to 10,000 BTC reveals an encouraging trend. The long-term accumulation pattern of these market participants is on an upward trajectory.
“Santiment analysts commented that this situation isn’t inherently negative since major shareholders seem unwilling to sell for gains or buy more at the moment.”
Ethereum Gains on Bitcoin
As an analyst, I’ve observed some intriguing trends in the crypto market regarding the usage of stablecoins Tether (USDT) and USD Coin (USDC) among wallets holding between $100,000 to $10 million. Over the past two months, there has been a 5.55% decline in the total collective USDT held by these wallets. Conversely, USDC holdings have seen an increase of 11.45%. While USDT’s decrease doesn’t offset USDC’s growth entirely, it suggests that investors are shifting their preference towards USDC, possibly indicating growing buying power within this market segment.
As an analyst, I’ve observed that Ethereum stakeholders have consistently added to their ETH holdings over the past 14 months. Specifically, wallets containing 10,000 ETH or more have amassed approximately 21.39 million ETH, representing a significant increase of 27% in their balances.
Lately, the buzz surrounding potential spot Ethereum exchange-traded funds (ETFs) has caused a surge in ETH hoarding. Notable increases have been observed in daily transfers valued over $10,000 and $1 million following the U.S. approval of these ETFs for trading.
As a Santiment analyst, I can tell you that based on our current analysis, Ethereum is predicted to outperform Bitcoin in terms of percentage gains if the wallets containing over 10,000 ETH continue to amass more of the cryptocurrency.
Read More
- ACT PREDICTION. ACT cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- Skull and Bones Players Report Nerve-Wracking Bug With Reaper of the Lost
- W PREDICTION. W cryptocurrency
- NBA 2K25 Review: NBA 2K25 review: A small step forward but not a slam dunk
- Overwatch Director wants to “fundamentally change” OW2 beyond new heroes and maps
- League of Legends: Saken’s Potential Move to LOUD Sparks Mixed Reactions
- KEN/USD
- Aphrodite Fanart: Hades’ Most Beautiful Muse Unveiled
- Why has the smartschoolboy9 Reddit been banned?
2024-05-29 07:28