Whales are once again making waves in the crypto market, and their movements are aligning with a significant uptick in ETF buying for Bitcoin and Ethereum. Last week saw a resurgence in inflows for both Spot Bitcoin and Ethereum ETFs, signaling renewed interest from institutional investors. In addition to this, data from on-chain tracker Lookonchain revealed that newly created wallets have been withdrawing substantial amounts of Bitcoin and Ethereum from major exchanges, indicating large-scale accumulation by crypto whales.
Spot Bitcoin ETFs recorded a staggering $3.24 billion in inflows last week, a stark contrast to the $902.5 million outflows seen in the previous week. Similarly, Spot Ethereum ETFs saw $1.30 billion in inflows, a significant turnaround from the $795.56 million outflows in the preceding week. This surge in ETF inflows reflects growing confidence in the digital asset market and suggests that institutional investors are once again bullish on Bitcoin and Ethereum.
Notably, whale addresses are also actively moving their crypto assets from exchanges to self-custody wallets. For instance, a newly created wallet identified as 0x982C withdrew 26,029 ETH (equivalent to approximately $118 million) from Kraken, while another wallet, bc1qks, withdrew 620 BTC valued at $76 million from Binance. These large-scale movements of capital away from exchanges indicate that whales are anticipating further price appreciation in the near future.
Moreover, Bitcoin exchange balances have plummeted to their lowest level in five years, with nearly 170,000 BTC being withdrawn from exchanges in the last 30 days. This trend, coupled with the recent influx of institutional capital and whale accumulation, has propelled Bitcoin to a new all-time high of $125,506. Ethereum has also experienced a bullish surge, currently trading at $4,575.
Looking ahead, the combination of institutional inflows and whale accumulation could fuel further price appreciation for both Bitcoin and Ethereum. Bitcoin has the potential to extend its rally and breach the $130,000 mark, while Ethereum could push towards new all-time highs above $5,000 in the coming weeks. However, a brief cooldown in prices cannot be ruled out, with Bitcoin possibly retesting $120,000 before continuing its upward trajectory.
In conclusion, the recent activities of whales, institutional investors, and on-chain data all point towards a bullish outlook for Bitcoin and Ethereum. As the market dynamics continue to evolve, investors should closely monitor these trends to capitalize on potential opportunities in the digital asset space.