As lead cryptocurrencies Bitcoin and Ethereum 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 Santiment paints a plausible picture of whales playing the waiting game in anticipation of higher prices in the days ahead.
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 Charles Edwards 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 Ali 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.
Whale places $150 million bullish bet on ETH
As reported by Wu Blockchain, the cumulative number of block calls traded for Ethereum has reached 92,600 ETH in the last 24 hours.
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.