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Recent on-chain data reveals contrasting trends between Ethereum and Bitcoin whales, with ETH whales selling off and BTC whales accumulating.
Ethereum Whales Sell Off Amid Rally
According to analyst Ali Martinez, Ethereum whales holding between 1,000 and 10,000 ETH have been selling off their holdings recently, amounting to over 63,000 ETH during a 48-hour window.
This selling activity coincided with ETH’s recovery rally, suggesting profit-taking by large investors.
Bitcoin Whales Accumulate
In contrast, key holders on the Bitcoin network, including sharks and whales holding between 10 and 10,000 BTC, have accumulated 19,255 BTC amidst the price rally. This accumulation indicates support for Bitcoin’s upward movement.
Bitcoin ETF Inflows Surge
Additionally, Bitcoin spot exchange-traded funds (ETFs) have seen significant inflows, with institutions like Blackrock contributing to the bounce in cryptocurrency prices.
Price Movements
At the time of writing, Ethereum is trading around $1,800, up by more than 12% in the last week. On the other hand, Bitcoin continues its rally, with BTC ETFs experiencing the highest net inflows in months.