According to CryptoPotato, the activities of crypto whales and sharks, known for their ability to influence market trends, have been closely monitored by traders and analysts. These key stakeholders, defined as wallets holding more than $100,000 in value, have been observed for their accumulation and dumping trends for major digital assets such as Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC).
Santiment, a crypto data platform, has reported a decrease in Bitcoin activity among these key stakeholders. The percentage of Bitcoin held by wallets with 10 to 10,000 BTC has dropped by 0.40% in the past two months, with the total collective of BTC held by the same group down by 0.21% within the same period. Furthermore, BTC transfers worth $100,000 and above have seen a decline in the past three months. However, analysts suggest that this decline is not a major cause for concern as the long-term accumulation pattern of these market participants is still trending upwards.
In contrast to Bitcoin, the total collective USDT held by wallets with $100,000 to $10 million in Tether has decreased by 5.55% in the past two months, while that of USDC has increased by 11.45% within the same timeframe. Analysts suggest that the accumulation of USDC, despite the continued dumping of USDT, indicates growing buying power.
Ethereum stakeholders, on the other hand, have been consistently accumulating ETH. Over the past 14 months, wallets holding at least 10,000 ETH have accumulated 21.39 million ETH, increasing their balances by 27%. The recent rumors and approvals of spot Ethereum exchange-traded funds (ETFs) have further boosted the ETH accumulation trend. Daily ETH transfers worth more than $10,000 and $1 million have seen a significant increase following the approval of the ETFs for trading. Analysts predict that Ethereum will continue to gain on Bitcoin if the wallets holding more than 10,000 ETH continue their accumulation trend.