Arsablog

Whales restocking Bitcoin and Ethereum; Is the price jump coming?

نهنگ‌ها در حال انباشت دوباره بیت کوین و اتریوم؛ آیا جهش قیمت در راه است؟

In the last phase of the whale accumulation over the past two months, we have seen the price of Bitcoin climb above $24,000. Of course, instead of buying more, they took the opportunity to exit the market and take profits. Now, data from China shows that whales are once again increasing their Bitcoin and Ethereum holdings.

To Report BInCrypto, Although the Bitcoin reserves of large investors have reached their lowest level in the last three years, the demand for this asset is increasing. In the situation where we have witnessed a 60% drop in the price of Bitcoin since the beginning of 2022.

According to Ki Young Ju, the CEO of CryptoQuant, the volume of Bitcoin transactions on exchanges has increased 20 times over the past six months. Since the price growth has not been accompanied by an increase in trading volume, we can conclude that Bitcoin is probably in a phase of heavy accumulation.

The volume of transactions last month reached the highest level of the year, but there was little change in the closing price [کندل] It has not occurred daily. This indicates that someone is buying all the liquidity on the sell side.

Binance, the leader in Bitcoin spot trading

Joe’s analysis also shows how Binance has expanded its dominance over the digital currency market over the winter. He noted:

Since the price of Bitcoin reached the level of $20,000, Binance’s share of the spot market trading volume has increased dramatically and has now reached 84%.

Comparison of the dominance of Binance and Coinbase on the Bitcoin spot trading market
Comparison of the dominance of Binance and Coinbase on the Bitcoin spot trading market

Coinbase, the largest exchange in the United States, has only 9% of the total transaction volume. The company recently saw a sharp drop in revenue, which led to a drop in stock value and layoffs.

Despite the increase in the volume of transactions, the stock of Bitcoin exchanges is decreasing. Glassnode pointed out that the number of addresses that send Bitcoin to exchanges reached its lowest value in the last two years on Thursday (October 28). This data also confirms that Bitcoin is in a strong accumulation phase.

Graph of the number of addresses that have sent bitcoins to exchanges
Graph of the number of addresses that have sent bitcoins to exchanges

Big whale investment in Ethereum

Cryptocurrency whales are also interested in Ethereum. Sentiment data shows that addresses with at least $1 million in Ethereum have bought more than 3.5 million units of the asset in recent months. These investors have invested a total of $4.55 billion in Ethereum.

Ethereum inventory on exchanges like Bitcoin has decreased. The increase in the volume of outgoing tokens from exchanges against incoming tokens shows that Ethereum is also in the stage of intense accumulation.

Ethereum supply distribution chart based on wallet balance
Ethereum supply distribution chart based on wallet balance

However, it remains to be seen how long the whales will continue to accumulate both assets and whether the next bull cycle will begin after this phase ends. At the time of writing, Bitcoin and Ethereum are trading at $19,030 and $1,285, respectively, down about 0.6% in the last 24 hours.

source

Leave a Reply

Your email address will not be published.