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While Bitcoin’s price has been fluctuating around $33,000, some market players are looking for Ether and other altcoins to trade during this period of stabilisation.
Flood, a long-time BTC whale and crypto trader, recently tweeted that he is restructuring his digital asset portfolio. Flood stated that he is transferring part of the money he made from trading Bitcoin to Ethereum.
Rotating some BTC profits into $ETH, think it plays catchup
— Flood (@ThinkingUSD) June 14, 2021
In hindsight, it is interesting to note that the number of bitcoin whales fell drastically amid the recent bearish cycle for the king coin. As of June 18, there were just 2,163 total bitcoin whales 🐋 (defined as wallet addresses from a single network participant with more than 1,000 BTC). From January 27, the number of BTC whales fell by almost 13% at the time of writing.
What’s the larger market sentiment?
A recent finding from CryptoQuant suggested that Bitcoin whales have started to dispose of some of their holdings. This has made the market “very uncertain,” as per the company’s CEO.
“BTC market is very uncertain right now. Whale selling indicates a bear/fake-bull market, and retail selling implies a bull market. We’re in neutral now.”
However, the latest sell-offs by Bitcoin whales do not bode well for cryptocurrencies. Most, if not all, of the main altcoins have recently followed BTC’s price fluctuations. Ethereum, the second-largest altcoin by market capitalisation, had surged beyond $2,500 on June 15 but had lost about 15% of its value at the time of writing. As a result, prominent altcoins like as ADA, XRP, DOGE, and BNB displayed red bars on their 4-hour charts at the time of writing.
However, according to certain research, the price reduction did not effect all BTC whales. Some whales were busy purchasing Bitcoin (BTC) now that the leading cryptocurrency’s price has plummeted from its all-time high of $65,000 to below $35,000.
According to Santiment, Bitcoin addresses owning 100 to 10,000 BTC added a total of 90,000 BTC in the past 25 days, valued at $3.38 billion at the time of publication. According to the study, this group of BTC holders now accounts for roughly half of the circulating supply of BTC.
“They now hold a 7-week high of 9.11 million BTC, currently worth a total of $366.89 billion at this time, and 48.7% of the total #Bitcoin supply.”
Additionally, weekly Bitcoin outflows from miner addresses have dropped to about $1.7 million, the lowest over the past five months, as per a Glassnode report.