The grip on the cryptocurrency market is still there, as Bitcoin (BTC) cannot break over the $64,000 resistance level. As of May 9, 2024, BTC is trading at around $61,600, comparable to Ethereum’s (ETH) recent decline. But then, out of nowhere, a ray of hope appears: whales. The larger cryptocurrency market also shows signs of selling pressure, as seen by Ethereum’s (ETH) recent struggles to stay above $3,000. However, whale activity for these two leading cryptocurrencies has increased again.
Whales Accumulating on the Dip
Many consider investors with significant cryptocurrency holdings to be “whales,” or market movers. According to recent on-chain data, these whales aggressively purchase Ethereum and Bitcoin when their prices are down. This positive activity might indicate a possible reversal and a return to the bull market.
According to Rekt Capital research, the cycle is expected to slow down as long as Bitcoin stays stable between its current price and $70,000 after the Halving event. This slowdown will probably bring the present cycle back into line with the historically recurrent Halving Cycle, which might result in a bull market top sometime between mid-September and mid-October of 2025.
What views do analysts hold?
Analyst opinions are split. Some, such as Rekt Capital, think that the present price consolidation in the range of $60,000 to $70,000 is consistent with past cycles of halves. If this trend continues, a bull market high might occur around mid-September to October 2025. Some, like Ki Young Ju, CEO of CryptoQuant, are even more optimistic, forecasting that the price of Bitcoin may hit $265,000.
An Ethereum whale hoards $32 million in Ethereum.
Lookingonchain, a supplier of on-chain data, has revealed that a prominent Ethereum ($ETH) long position holder recently removed 6,030 ETH, or $18.09 million, from the exchange Binance. This withdrawal fits into an accumulation pattern; since May 2, the whale has purchased 10,758 ETH from Binance, valued at $32.14 million.
A whale who is long $ETH withdrew 6,030 $ETH($18.09M) from #Binance again 20 minutes ago.
— Lookonchain (@lookonchain) May 9, 2024
This whale has accumulated 10,758 $ETH($32.14M) from #Binance since May 2.
He swapped $ETH to $stETH and deposited it into #Aave, then borrowed $28.5M stablecoins from #Aave to buy more… pic.twitter.com/tbtXLDbvua
After converting the ETH to staked Ethereum ($stETH), the investor put the funds into Aave, a decentralized lending platform. They then took out a $28.5 million stablecoin loan from Aave to use as additional funding to buy Ethereum.
Ethereum is now trading at less than $3,000. If ETH is unable to maintain current levels, there may be another price correction, possibly reaching $2,700.
More reads:
