While Bitcoin’s most prominent holders are reducing their holdings the number of Ethereum “whale wallets” is growing, fueling speculation about an possible altcoin rotate led by Ethereum.
You can read more about it here:
- In two weeks, ETH whale wallets grew 8% and BTC whale wallets dropped 1.61%.
- Top holders bought $840 million in Ethereum in just 48 hours.
- CryptoQuant’s data shows that ETH growth is a result of new inflows and not BTC sales or rotation.
Blockchain data Santiment shared on July 29 the number of wallets that hold at least 1,000 Bitcoin.BTCThe price of Ethereum () fell by 1.61 percent in the last 2 weeks. Ethereum (ETH) wallets with at least 10,000 ETH have grown by 8%, marking a clear difference in whale activity Between the two major cryptocurrencies.
Another post Ali Martinez reported on X that day. Ali Martinez is a popular and well-respected analyst. He said some of the most prominent Ethereum holders had accumulated 220,000 ETH (worth about $840m) in the previous 48 hours. It is possible that this massive activity will lead to a shift in capital from Bitcoin towards Ethereum.
Ethereum accumulates in whales’ stomachs but not Bitcoins
Despite increasing ETH interest on the chain, there is no significant capital switch from Bitcoin to Ethereum. Separately, a separate analysis by CryptoQuant’s Carmelo Alemán shows no clear sign of Bitcoin holders selling to buy ETH. Bitcoin’s Realized Capitalization has recently reached a record high of $1.018.5 trillion. This indicates continued inflows, not outflows, as capital continues to accumulate.
Alemán argues that Ethereum’s rally Bitcoin’s value is driven not by the money leaving it, but by capital that enters its ecosystem. Both assets seem to benefit from an increase in interest, rather than compete for the same liquidity.
ETH outperforms BTC gains in recent weeks
Ethereum trades at $3.805 as we go to press. That’s up 52% on the past month and 2% last week. Bitcoin has risen 9% in the past month, and by 0.6% over the last seven days, to $117,966.
Ethereum inflows are growing faster than Bitcoin’s. The recent increase in Ethereum corporate treasuriesIt is anticipated that ETH will continue to rise in price in the next few months due to sustained inflows of exchange traded funds.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
