Ethereum

Bitcoin

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As lead cryptocurrencies <a href="https://u.today/ethereum-eth-vs-bitcoin-btc-chart-indication-might-mean-this-for-altcoins-miles-deutscher" rel="noopener noreferrer nofollow">Bitcoin and Ethereum </a>continue to consolidate in a range, on-chain data offers a picture of what is likely going on with the group of large holders, or whales. 
On-chain analytics firm <a href="https://twitter.com/santimentfeed/status/1703678800687755448" rel="noopener noreferrer nofollow">Santiment </a>paints a plausible picture of whales playing the waiting game in anticipation of higher prices in the days ahead. 
<blockquote> 
 🐳 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> continues to trade between $26K-$27K, and <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> at $1.6K to 1.65K. <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a>'s top market caps' $100K+ transaction levels are at their lowest levels of 2023 right now. This is a sign of whales likely waiting, and not necessarily disinterest. <a href="https://t.co/FKfhB5X3Yh" rel="noopener noreferrer nofollow">https://t.co/FKfhB5X3Yh</a> <a href="https://t.co/m9990wqlpM" rel="noopener noreferrer nofollow">pic.twitter.com/m9990wqlpM</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1703678800687755448?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 18, 2023</a> 
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According to Santiment, large transactions, which refer to those greater than $100,000, are at their lowest levels so far in 2023. It was mentioned that this might be a sign of whales waiting for the best moment and not necessarily of disinterest, as some may think. 
"Bitcoin continues to trade between $26K and $27K, and Ethereum is at $1.6K to 1.65K. Crypto's top market caps' $100K+ transaction levels are at their lowest levels of 2023 right now. This is a sign of whales likely waiting, and not necessarily disinterest," Santiment tweeted. 
An albeit bullish scenario is playing out among long-term holders, whose numbers keep reaching new highs. Long-term Bitcoin hodlers, or those whose average purchase date is at least more than 155 days ago, now control 70% of the total supply of Bitcoin, or 14,787,265 BTC. 
As the number of this category of Bitcoin holders continues to grow, top Bitcoin analyst<a href="https://twitter.com/caprioleio/status/1702782094752239984" rel="noopener noreferrer nofollow"> Charles Edwards</a> points out a trend of accumulation, saying, "They are accumulating for the next bull run. " Edwards also stated that over 57% of the Bitcoins on the network have not moved their capital in over two years. 
At the time of writing, BTC was up 1.16% in the last 24 hours to $26,865. Recent analysis provided by crypto analyst<a href="https://twitter.com/ali_charts/status/1703433529244242360" rel="noopener noreferrer nofollow"> Ali </a>indicates that a boost in BTC buying pressure might target $28,000 or $31,000, whereas an invalidation of this bullish scenario might occur if BTC dips below $24,500. 
<h2 id="whale-places-150-million-bullish-bet-on-eth">Whale places $150 million bullish bet on ETH</h2> 
As reported by<a href="https://twitter.com/WuBlockchain/status/1703657152303546462" rel="noopener noreferrer nofollow"> Wu Blockchain</a>, the cumulative number of block calls traded for Ethereum has reached 92,600 ETH in the last 24 hours. 
<blockquote> 
 In just the past hour, over 40,000 ETH Block calls were traded, almost all buying 29DEC23-2200-C, and with the nearly 50,000 buying 27OCT23-2000-C last night, the cumulative number of block calls traded has reached 92,600 ETH. The whale actively bought $150 million worth of…— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1703657152303546462?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 18, 2023</a> 
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Also, a whale is trading a large number of call options. The said whale actively bought $150 million worth of notional ETH calls, and all of them were naked buys with clear long-term bullish expectations. 
At the time of writing, ETH was trading in the green and was marginally up in the last 24 hours to $1,636.

BTC, ETH Whales Playing Waiting Game, Here's How

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