Crypto Whales Are Ready For the Bull Run, Are You?

The crypto market is moving sideways. Bitcoin spends a lot of time between $60k and $64k. That means that the market is stagnant. However, whales are using this as an opportunity to load up. They see this as a great way to buy coins at a cheap price. The gains in price potential are what they are looking for.

So, what do they know that we don’t know? I’ve been tracking some whale wallets and found the following movements. Let’s dig in.

$1.3 Billion Deposit to Coinbase

The first thing I noticed, is a $1.3 billion deposit to Coinbase. This happened on 25th April. It took a total of five transactions to complete this transfer. This indicates a massive buying opportunity. With these kinds of numbers, we’re also looking at $BTC and $ETH. 

It’s most likely that this whale is looking at buying either one or a mix of both of these coins. And this brings us to the biggest recent whale movements. Whales have recently been eyeing $BTC and $ETH.

These two coins still seem to be the most popular whale choices. So, let’s take a look at what happened with these coins.

Bitcoin ($BTC)

As already mentioned, Bitcoin has been in a sideways shuffle. It reached a new ATH of $73,737 in mid-March. Since mid-April, $BTC has moved between $67k and $60k. And, of course, the whole crypto market moves along in, more or less, the same pattern. As a result, altcoins have gotten quite a beating.

In the meantime, interest in Bitcoin hasn’t waned. We first saw the approval of the Bitcoin spot ETFs by the SEC. This started out slow, but within weeks, we saw these funds accumulate $BTC. This slowed down a bit, but there’s still a net inflow into most of these $BTC spot ETFs.

Santiment showed that $BTC whales have been accumulating since the start of the year. Holders of 1k to 10k $BTC didn’t stop buying this year. As of late April, they added an extra 226 $BTC to their wallets. That’s 1.24% of Bitcoin’s total supply.

To clarify and explain this group of whales. These are holders who hold $65 million to $650 million worth of $BTC. As a group, they hold 25% of all available $BTC. Let’s put this in perspective. Michael Saylor’s Microstrategy holds 174,530 BTC. That’s 0.831% of the total supply. So, yes, this whale group is rather significant.

If you look at Bitcoin as a store of value, there’s almost never a ‘bad’ time to buy it. Sure, the lower the price, the better it is to buy it. However, in 10 years’ time, nobody cares if you bought Bitcoin at $60k or $70k. Price predictions in 2033 range from $500k to $1 million.

So, there are plenty of indicators showing that Bitcoin’s popularity is still intact. Whales are on the ball, and they keep accumulating.

Ethereum ($ETH)

Next up is Ethereum. In March, Ethereum went over $4,000. However, it also dropped back to $3,500 again. Since 11th April, $ETH doesn’t have to worry about n going sideways between $3.5k and $3k. 

There’s a reason, however, why $ETH remains in the spotlights. That’s the potential of an upcoming $ETH spot ETF. When looking at the applicants, we’re seeing the usual suspects again. For example BlackRock, VanEck, ARK 21Shares, Grayscale, Fidelity, Invesco, Galaxy Digital, and Franklin Templeton.

Some of these already applied for and received $BTC spot ETFs. Like the $BTC spot ETFs, the Ethereum variation makes $ETH more accessible. With such an ETF, institutions and retailers don’t have to worry about crypto exchanges, wallets, or security.

The SEC should come with their verdict in late May. This should add much-needed regulatory clarity. The SEC still hasn’t been clear whether $ETH is a security or not.  Providing that the spot ETF gets the go-ahead, we can expect a price surge for $ETH. Like when $BTC saw its new ATH after the SEC approved the $BTC spot ETFs.

Some whales are already anticipating a positive verdict by the SEC. They already started buying $ETH. For example, during late April we saw various moves, accumulating $57 million worth in $ETH. These 3 withdrawals all happened at Binance.  So, we can see a growing excitement for Ethereum. The $ETH spot ETFs play a major role in this. Whales are already positioning themselves. 

Unless there’s another macro event, I expect the $ETH price to remain stable. So, more sideways action. We can see a positive price impulse when $BTC moves up, or when the SEC approves the $ETH spot ETFs.

Do you have $BTC or $ETH in your portfolio? Let me know in the comments if you agree with these whales. Is accumulating $BTC and $ETH the right thing to do?

Tellor (TRB)

Decentralized oracle network, Tellor, is enjoying massive growth at the moment. Tellor’s market cap has doubled since May, reaching an impressive market cap of $315.3 million. 

Santiment data revealed a massive spike in whale activity around TRB. There’s been an increase in whale activity and active wallet transactions.

Coins

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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