Bitcoin (BTC) is facing continued pressure in the market, currently trading at $61,605 with a market cap of $1.213 trillion, representing a 1.33% decrease. The cryptocurrency market as a whole is experiencing selling pressure, with Ethereum (ETH), the leading altcoin, struggling to maintain a price above $3,000.
Bitcoin Whale Activity Rises
Recent data from Santiment, an on-chain data provider, reveals a surge in whale activity in Bitcoin trading between $61,000 and $64,000. Wallet addresses holding between 1,000 and 10,000 BTC collectively accumulated approximately $941 million worth of BTC. This accumulation trend suggests a recovery towards the highest holding level in the past two weeks.
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Ki Young Ju, the CEO of crypto data platform CryptoQuant, has highlighted the robust fundamentals of the Bitcoin Blockchain, which he believes can support a market value three times its current size. According to him, given the current fundamentals, the price of the leading cryptocurrency could easily rise to $265,000.
Rekt Capital, a crypto analyst, suggests that following Bitcoin’s fourth block reward halving, the bull cycle is expected to slow down as it consolidates below the $70,000 threshold. This slowdown aligns with the historically repeating block reward halving cycle and could potentially continue from mid-September to October 2025.
Ethereum Whale Accumulates $32 Million Worth of ETH
On the other hand, data from Lookonchain, an on-chain data provider, reveals that a significant investor holding a long position in Ethereum recently withdrew 6,030 ETH worth $18.09 million from the Binance exchange. This withdrawal transaction resulted in the whale accumulating a total of 10,758 ETH worth $32.14 million from Binance since May 2nd.
According to on-chain data, the whale converted the purchased ETH into stETH and deposited it into the decentralized lending protocol Aave. Subsequently, they borrowed $28.5 million worth of stablecoins from Aave to reinvest with the goal of acquiring more ETH.
At present, the leading altcoin is trading just below the $3,000 threshold. Experts caution that if ETH fails to maintain these levels, the price could drop as low as $2,700.
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Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks. It is recommended to conduct thorough research before making any investment decisions.