Ethereum

Rally

Bitcoin

Bull Market

<p>Bitcoin (BTC), the world’s largest cryptocurrency, remains under pressure following its inability to surpass $64,000 last week. Currently, Bitcoin is trading at a price of $61,605, down 1.33%, with a market capitalization of $1.213 trillion. This selling pressure is also evident in the broader cryptocurrency market, with <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum (ETH) price</a> struggling to maintain above $3,000 recently. Nevertheless, there has been a resurgence in whale activity for these top two cryptocurrencies.</p> 
<h3 id="bitcoin-whale-activity-on-the-rise">Bitcoin Whale Activity On The Rise</h3> 
<p>According to insights from on-chain data provider Santiment, as Bitcoin maintains a tight range between $61K and $64K, significant whale activity has been observed in the past 24 hours. Wallets holding between 1,000 and 10,000 BTC have collectively amassed approximately $941 million worth of coins. This accumulation trend marks a rebound to their highest holding level in the past two weeks.</p> 
<figure id="attachment_195998" aria-describedby="caption-attachment-195998" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-195998" src="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Whale-Activity.jpeg" alt="" width="2580" height="1791" srcset="https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Whale-Activity.jpeg 2580w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Whale-Activity-300x208.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Whale-Activity-1224x850.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Whale-Activity-768x533.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Whale-Activity-1536x1066.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Whale-Activity-2048x1422.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/05/Bitcoin-BTC-Whale-Activity-150x104.jpeg 150w" sizes="(max-width: 2580px) 100vw, 2580px">
 <figcaption id="caption-attachment-195998" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1788242018952749331" target="_blank">Santiment</a>
 </figcaption>
</figure> 
<p>CryptoQuant CEO Ki Young Ju stated that the fundamentals of the Bitcoin blockchain are strong enough to support a market cap that is three times its current size. As per him, bitcoin could easily sustain a price of $265K.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K. <a href="https://t.co/GnsrSIrtuY">pic.twitter.com/GnsrSIrtuY</a></p> 
 <p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1788159954609992110?ref_src=twsrc%5Etfw">May 8, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>According to an analysis by Rekt Capital, as Bitcoin continues to consolidate within the range of its current price and $70,000 following the <a href="https://coingape.com/blog/reasons-why-bitcoin-price-may-cross-70k-soon/" target="_blank" rel="noopener">Halving event</a>, the cycle is anticipated to decelerate. This deceleration is likely to realign the current cycle with the historically recurring Halving Cycle, potentially leading to a Bull Market peak around mid-September to October 2025.</p> 
<h3 id="ethereum-whale-scoops-32-million-worth-of-eth">Ethereum Whale Scoops $32 Million worth of ETH</h3> 
<p>According to insights from on-chain data provider Lookonchain, a significant investor holding a long position in Ethereum ($ETH) recently withdrew 6,030 ETH (equivalent to $18.09 million) from the exchange Binance. This withdrawal follows a pattern of accumulation, with the whale acquiring a total of 10,758 ETH (valued at $32.14 million) from Binance since May 2.</p> 
<p>The investor then converted the ETH to staked Ethereum ($stETH) and deposited it into the decentralized lending platform Aave. Subsequently, they borrowed $28.5 million worth of stablecoins from Aave to reinvest in acquiring more Ethereum.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">A whale who is long <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> withdrew 6,030 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($18.09M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> again 20 minutes ago.</p> 
 <p>This whale has accumulated 10,758 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($32.14M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> since May 2.</p> 
 <p>He swapped <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$stETH</a> and deposited it into <a href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw">#Aave</a>, then borrowed $28.5M stablecoins from <a href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw">#Aave</a> to buy more… <a href="https://t.co/tbtXLDbvua">pic.twitter.com/tbtXLDbvua</a></p> 
 <p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1788404733176373529?ref_src=twsrc%5Etfw">May 9, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>As of press time, the Ethereum price is trading just under $3,000. If ETH fails to hold these levels, we could see further price correction all the way to $2,700.</p> 
<p>The post <a href="https://coingape.com/bitcoin-and-ethereum-whales-buy-every-price-dip-relief-rally-soon/">Bitcoin and Ethereum Whales Buying At Every Price Dip, Relief Rally Soon?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin and Ethereum Whales Buying At Every Price Dip, Relief Rally Soon?

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