Bitcoin (BTC) continues to face downward pressure after failing to surpass $64,000 last week. Currently, Bitcoin is trading at $61,605, representing a 1.33% decrease, with a market cap of $1.213 trillion. The selling pressure is also affecting the overall cryptocurrency market, as Ethereum (ETH), the leading altcoin, struggles to maintain a price above $3,000.
Bitcoin Whale Activity on the Rise
Recent data from on-chain data provider Santiment reveals that significant whale activity occurred while Bitcoin was 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 levels observed in the past two weeks.
Latest technology news here: Newslinker.co
Ki Young Ju, the CEO of crypto data platform CryptoQuant, emphasized that the fundamentals of the Bitcoin Blockchain are robust enough to support a market cap three times its current size. According to him, based on these fundamentals, the price of the largest cryptocurrency could easily surge to $265,000.
Cryptocurrency analyst Rekt Capital noted in an analysis that Bitcoin is expected to slow down its bull cycle as it continues to consolidate below the $70,000 threshold after its fourth block reward halving. The analyst emphasized that this slowdown could align with the historically recurring block reward halving cycle and potentially continue from mid-September to October 2025.
Ethereum Whale Accumulates $32 Million Worth of ETH
Meanwhile, data from on-chain data provider Lookonchain reveals that a significant investor holding a long position in Ethereum recently withdrew 6,030 ETH worth $18.09 million from the Binance exchange. With this withdrawal, the whale has accumulated a total of 10,758 ETH worth $32.14 million from Binance since May 2.
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.
Experts caution that if ETH fails to maintain its levels just below the $3,000 threshold, its price could drop as low as $2,700.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap.
Disclaimer: The information presented in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks. It is recommended to conduct personal research.