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First it Was Ethereum, Now it’s Bitcoin. The ‘Whales’ Are Now Piling Up Their Supply

Just a week ago, in the aftermath of the market sell-off which resulted in Ethereum’s value having dropped by 25% from its all-time high, investors in that particular cryptocurrency who held more than 10,000 Ethereum coins in digital wallets or clusters of digital wallets did not sell off their coins.

Investors which hold over 10,000 coins are known in cryptocurrency terminology as ‘whales’, and are often looked upon as astute enthusiasts who understand the technological topography of cryptocurrency as clearly as they understand its supply and demand on the open market.

Ethereum whales with over #34.3 million worth of the currency did not participate in any sell-off and kept their wallets funded, according to data by Santiment, a research institute for cryptocurrency-related business.

During the sell-off, only 8 addresses moved out of the ‘whale’ category, demonstrating the tenacity of the whales in holding their large store of Ethereum, whereas Ethereum addresses holding between 100 and 10,000 ETH seemingly sold some of their holdings during the downturn, with the number of addresses on this category ultimately dropping to a three-year low.

This week, the whales are at it again, only this time it is Bitcoin that is the subject of hoarding, and Bitcoin addresses holding between 100 and 10,000 BTC have added approximately 30,000 BTC in the last 7 days.

This means that whilst the Ethereum whales held onto their storage of Ethereum during last week’s sell-off, Bitcoin whales are actively buying more and adding large numbers of Bitcoin to their addresses.

The build-up coincided with the resurgence in value to approximately $ 31,000 last week, and as the Sanitment data became available, Bitcoin stood at around to $ 33,379 before rebounding to $ 36,200. Accumulation by whales was observed and shared by the Santiment team via the following statement and graphic.

Graph courtesy of Santiment

Graph courtesy of Santiment

Bitcoin is at a steady price region at the moment, after another slight drop at the end of last week, but the BTC key the millionaire tranche that had been highlighted by Santiment contributed to this slight rise in holdings in which addresses of 100 to 10,000 BTC have accumulated around 30,000 more BTC last week.

It is worth noting that yesterday’s weekly close and today’s monthly close are still on the minds of most Bitcoin traders given that today May 31st is the Memorial Day holiday in the United States and a Bank Holiday in the United Kingdom. This means that many retail and institutional traders in the United States and United Kingdom will not be trading, as it is a public holiday with most businesses closed. 

Therefore, the fate of Bitcoin in the next 48 hours will be in the hands of other global traders who again envision the $30,000 and $35,000 price areas as logical support areas to usher in the new month of June.