In the last few weeks, Bitcoin and Ethereum have moved significantly and started a bull run. While the rally appears to be uninterrupted, one notable thing is that frontline cryptos appear to be lagging behind on the backend. On Tuesday, on-chain analytics platform Glassnode reported that whales’ involvement in Bitcoin and Ethereum is waning.
BTC Holding Amount Last Active 3 years 5 years. | Source: Glassnode
the Bitcoin Supply volume last active for 3-5 years has hit a two-year low. Glassnode added that total Ethereum wallets holding 10,000+ ETH tokens also fell to a 1-month low.
Bitcoin and Ethereum whale activity is declining
As reported by Glassnode, Bitcoin’s 3-5 year supply had fallen to a two-year low of 2,144,828.279 BTC, lower than its previous low which was around 2,144,844.528 BTC.
Ethereum whales have also followed suit. The number of wallets with 10,000 ETH and more fell to a monthly low from 1,194 ETH.
BTC Holding Amount Last Active 3 years 5 years. | Source: Glassnode
The lowest level before this number was 1,195 ETH which was seen on January 30, 2023. Following the Glassnode report, communities in the crypto market are beginning to wonder and suspect whales may be bored. However, Bitcoin and Ethereum are among the crypto assets that have seen significant gains since the beginning of the year.
Bitcoin in particular, after falling over 50% from its all-time high amid the crypto winter, is pointing to a recovery as it recently surpassed $23,000. Similarly, after falling nearly 60% from its peak, Ethereum recently surpassed $1,600, setting a two-month high since the bear season.
In addition, Glassnode said that the number of Bitcoin Wallets with at least 1,000 BTC plunged to a three-year low of 2,027, confirming the concept that whales may not be interested in Bitcoin, the largest crypto by market cap.
Are whales bored?
While it may seem like whales are getting bored, both crypto assets are still moving significantly in price and trading volume given Glassnode’s proven report.
Over the past 30 days, bitcoin trading volume has gone from $12.9 billion recorded early last month when BTC was trading in the $16,000 region to over $31.9 billion with a market price up from over $23,000.
Market cap also reflected the bullish move, rising 39% over the past 30 days from $322 billion on January 1 to $443 billion on February 1.
Similar, ether Trading volume has increased from its 24-hour trading volume of $3.5 billion earlier this year to $7 billion in the last 24 hours. ETH’s market cap has also increased by 31.8% over the past 30 days, from $146 billion on January 1st to $190 billion on February 1st.
ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com
Meanwhile, at the time of writing, ETH is currently in an uptrend, up almost 1% in the last 24 hours. The price chart is showing further bullish momentum as a reversal comes after a retracement.
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com
Bitcoin, on the other hand, is up 1% over the past 24 hours. With view on price chart, BTC has been consolidating for the past few days. If the price moves away from the consolidation zone, we could see a clear move up or down.
Featured image from Unsplash, chart from TradingView
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