Značka: whales

Ethereum whales dumping ETH as price slides below $4K, data shows

Ethereum is having difficulty keeping its richest investors in line as its native token, Ether (ETH), hints at logging more losses in the near term.Blockchain data analytics service Glassnode revealed that the number of Ethereum addresses holding at least 1,000 ETH dropped to 6,292 this Monday, the lowest reading since April 2017. At its year-to-date peak, the numbers were 7,239 in January.Number of Ethereum addresses with balance of at least 1,000 ETH. Source: GlassnodeOn-chain analysts typically observe ETH distributions among addresses to realize retail and institutional sentiments. They consider wallets that hold above 1,000 ETH (around $3.92 million at currency exchange rates) as “whales,” primarily for their ability to influence interim market trends via large sell and/or buy orders.But as the numbers of these so-called whales drop, it reflects an ongoing selling trend among the richest Ethereum wallet owners. For instance, the number of Ethereum addresses that hold at least 10,000 ETH (or around $39.20 million) has also plunged, from 1,208 in June to 1,156 at the time of this writing, marking an almost 4.5% decline.Number of Ethereum addresses with a balance of at least 10,000 ETH. Source: GlassnodeBut, on a year-to-date timeframe, the numbers have gone up from 1,065 to 1,156, just as the cost to purchase 1 ETH, in the same period, has jumped nearly 450%. Small investors are accumulatingUnlike whales, wallets that hold ETH in small quantities have been at the forefront of Ether’s 2021 price rally.For example, Glassnode’s data shows that the number of Ethereum addresses with a non-zero ETH balance reached an all-time high of over 71.23 million on Monday. That included wallets with at least 0.01 ETH (~$40), whose numbers shot up to 20.31 million versus 10.66 million at the beginning of this year.Meanwhile, addresses that hold at least 0.1 ETH (~$400) jumped to 6.44 million this Monday compared to 3.62 million on Jan. 1, 2021. That is almost a twofold rise, signaling a higher retail interest in the world’s second-largest cryptocurrency.Number of Ethereum addresses with a balance of at least 0.1 ETH. Source: GlassnodeETH eyes bullish reversalThe latest decline in Ether whales appeared as Ether struggled to close decisively above $4,000, its psychological resistance level. On Tuesday, ETH/USD dropped by over 3.27% to an intraday low of $3,880. Its drop came as a part of a wider correction that started after Ether tested a downward sloping trendline as resistance on Dec. 23. The chart below shows that the trendline is a part of a descending channel that appears like a “falling wedge.”ETH/USD daily price chart featuring falling wedge. Source: TradingViewIn detail, falling wedges are technically bullish reversal patterns that appear after the price trends lower inside a trading range featuring two converging trendlines. The instrument eventually breaks above the structure’s upper trendline ahead or after reaching the apex (where two trendlines converge).The profit target in a rising wedge scenario is generally obtained after adding the maximum distance between the structure’s upper and lower trendline to the breakout point. That puts ETH’s price en route to the $4,200–5,000 range, depending on its breakout level.ETH/USD daily price chart featuring falling wedge targets. Source: TradingViewNevertheless, Ether’s price still has enough room to decline, toward $3,200 in the worst-case scenario. The level is where wedge’s trendlines converge.Related: 3 reasons why Ethereum price can drop below $3K by the end of 2021Meanwhile, independent market analyst Pentoshi said that nothing concrete can be predicted for Ether now as it remains stuck between a “bear contested” and a “bull contested” area, as shown in the chart below.ETH/USD three-day price chart. Source: TradingView, Pentoshi“Maybe it’s the bottom. Don’t care,” tweeted Pentoshi on Tuesday. “I don’t like when them market gives this many times to buy an area with important historical context like this Would rather pay for confirmation.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Fish food? Data shows retail investors are buying Bitcoin, whales are selling

Bitcoin (BTC) staged an impressive recovery after dropping to its three-month low of $42,333 on Dec. 4, rising to as high as $51,000 since. The BTC price retracement primarily surfaced due to increased buying activity among addresses that hold less than 1 BTC. In contrast, the Bitcoin wallets with balances between 1,000 BTC  and 10,000 BTC did little in supporting the upside move, data collected by Ecoinometrics showed.”Bitcoin is still stuck in a situation where small addresses are willing to stack sats [the smallest unit account of Bitcoin], while the whale addresses aren’t really accumulating,” the crypto-focused newsletter noted after assessing the change in Bitcoin amounts across small and rich wallet groups, as shown in the graph below.Bitcoin on-chain data featuring fish and whale BTC wallet clusters. Source: Ecoinometrics Ecoinometrics further asserted that the situation for Bitcoin is “not ideal,” suggesting that the BTC price may end up resuming its decline in the absence of influential buyers.Bitcoin’s downside target sits near $42KEcoinometrics’ bearish outlook appeared as Bitcoin grappled with the Federal Reserve’s policy decision on Wednesday to reduce its bond purchases by $30 billion every month to unwind them down by April next year entirely.The $120 billion a month stimulus program was instrumental in sending the BTC price from below $4,000 in March 2020 to $69,000 in Nov 2021. And now that the liquidity threatens to go away, with lending to become costlier as the Fed prepares for three rate hikes next year, many fear that it would hurt investors’ appetite for risk assets like Bitcoin.Bitcoin price briefly popped above $49,000 after the Fed FOMC meeting confirmed at least three interest rate hikes and some adjustments to the current market supporting practices in 2022. https://t.co/TpTX7tGmYL pic.twitter.com/lXw47icZmB— Cointelegraph Markets (@CointelegraphMT) December 15, 2021Mike Novogratz, chief executive officer of Galaxy Digital Holdings, admitted that Bitcoin might feel “pain ahead” but anticipated that its price would not fall anywhere beyond the $42,000-support.“$42,000 is at a pretty important level, and low 40s should hold,” the crypto billionaire told Bloomberg TV in an interview Tuesday, adding:”So much money is pouring into the space, it would make no sense that the crypto prices would go much below that. If you’re long, it feels painful, but it’s probably healthy.”BTC/USD daily price chart showing $40K-42K support. Source: TradingViewBitcoin accumulation stronger among retailIn reality, unique wallets holding more than or equal to 1,000 BTC have been declining all across 2021, with data from Glassnode showing its number dropping to 2,147 from 2,475 since Feb. 9.The total number of Bitcoin addresses with at least 1,000 BTC balance. Source: GlassnodeIn contrast, the number of unique wallets holding at least 0.01 BTC (around $485 at current exchange rates) rose in 2021, from 8.46 million to 9.39 million year-to-date. Meanwhile, addresses holding at least 0.1 BTC (~$4,855) surged from 3.12 million to 3.30 million in the same period, indicating that “fishes” played a key role in pumping the Bitcoin price from around $30,000 to as high as $69,000 this year.The total number of Bitcoin addresses with at least 0.01 BTC and 0.1 BTC balance. Source: GlassnodeOne more piece of evidence showing that retail investors have been bullish on Bitcoin, came from addresses that hold at least 1 BTC. Related: Analysts expect Bitcoin trend change after Fed lays out its 2022 roadmapThese wallets decreased in quantity in the first half of 2021 as the BTC market grappled with the China ban and other negative news, but started increasing the second half as El Salvador adopted Bitcoin as its legal tender.The total number of Bitcoin addresses with at least 1 BTC balance. Source: GlassnodeThe number of Bitcoin wallets with at least 1 BTC also kept rising during the BTC price correction from $69,000 to $42,333 in the November-December session, signaling accumulation. It reached a seven-month high on Wednesday just as Bitcoin underwent a rebound to $50,000 from its weekly low near $46,000.On-chain analyst Willy Woo also spotted retail accumulation rising to levels seen after the March 2020 crash, which led to Bitcoin’s two-year-long bull run.Accumulation among wallets holding less than 1 BTC. Source: WIlly WooAdditionally, Bitcoin’s momentum indicator that preceeded its price breakout to $69,000 earlier this year is also hinting at a potential BTC price breakout ahead.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin price dip may end Wednesday as Bitfinex bids hint at Fed 'buy the news' plans

Bitcoin (BTC) could see its last day of downside as buyers line up to cash in on Wednesday’s Federal Reserve meeting.On Dec. 14, bids began increasing on major exchange Bitfinex in a conspicuous sign that the market believes BTC/USD is destined to gain.Time to “sell the rumor, buy the news”?The Fed will deliver key information on the future of asset purchases — a form of quantitative easing (QE) — as well as inflation at the meeting, and bets are rising about the knock-on impact for both crypto and traditional markets.Data from Bitfinex’s order book suggests that Bitcoin traders are eyeing an opportunity to “buy the news.”Bitfinex laying down bidsRetail selling into the lows ahead of FOMC Meeting with funding negative across the boardFeels like we’re going to get a Buy The News event #Bitcoin $BTC pic.twitter.com/9Z69rJuL0T— Zen (@Zen_Trades1) December 14, 2021As Cointelegraph reported, the Fed tapering its asset purchases effectively limits the availability of “easy” money, and accelerating the process could pressure risk assets such as Bitcoin until a slackening of policy returns.For the short term, however, a buy-up would echo events from last month’s inflation data print, this producing a conspicuous but short lived boost to BTC.Bitfinex traders lay in wait in an area roughly between $44,500 and $46,000 Tuesday, with spot price currently at $46,800 after a day of losses.”Think FOMC has a good chance to be a ‘sell the rumor, buy the news’ event,” analyst William Clemente added. “Pair that with illiquid supply back at yearly highs and some large Bitfinex bids coming in. Just waiting for $53K to start bidding. Happy to miss some of the move and essentially pay for confirmation.”Bitcoin traders anything but docileElsewhere, evidence of increasingly bearish whales persists on exchange order books. Related: ‘Monster bull move’ means whales could secure the next Bitcoin price surgeAs noted by Material Scientist, creator of on-chain analytics resource Material Indicators, large-volume traders have been continually selling since October.They’ve not bought a single dip since October and have been straight-up TWAP-selling all this time,” Material Scientist commented on Twitter.Some exceptions have hit the headlines, and whales — the largest volume cohort of exchange activity — have exhibited buying interest. Yet according to the data, $60,000 resistance is still increasing with time.”We have yet to see any of the BTC dips over the last month bought with real conviction,” Material Indicators added in a separate post.

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Third-biggest Bitcoin whale’s holdings total $6B after ‘whopping’ 2.7K BTC buy-in

Bitcoin (BTC) returning to $50,000 overnight inspired one of the largest wallets to buy the equivalent of $137 million more.Blockchain data from on-chain monitoring resource BitInfoCharts highlights how one entity “bought the dip” like no other.Someone “buys the dip” to the tune of $137 millionAfter buying frequently since BTC/USD hit $69,000 all-time highs last month, the wallet holder upped the ante overnight with a single purchase of 2,700 BTC — taking their total to 118,017 BTC.The buy dwarfs previous recent transactions, and as popular Twitter account Venturefounder noted, takes the holder’s balance to “whopping” record levels.“This is officially the highest number of Bitcoin EVER held in this wallet: 118,017 BTC, in total the whale has put $2.5B USD to buy BTC with an average cost basis of $21,160 per BTC,” the account tweeted. “The second highest BTC count was during July 2021 (low $30k BTC).”The actions buck the overall trend, which has seen whales deposit BTC to exchanges since Friday’s crash.While there is no indisputable evidence that the wallet is a private investor, Venturefounder added that its activity is unlike a corporate entity such as an exchange cold wallet or fund, citing “Many strategic buy the dip & sell the rally behaviors and clear long term accumulation trend.”Recent transaction history for third-largest BTC wallet. Source: BitInfoChartsAltcoin profits eat Bitcoin’s lunch in reboundAs Cointelegraph reported, opinions remain mixed about whether the bottom is in for Bitcoin or that another price dip is due first.Related: BTC sentiment ‘comparable to a funeral’ — 5 things to watch in Bitcoin this weekA strong bounce among major altcoins has further added to convictions held by some that a form of “alt season” could enter while BTC consolidates.Ether (ETH) rallied 11.4% Tuesday, outpacing BTC/USD in a move copied by several other large-cap tokens. ETH/BTC hit its highest levels since February 2018 overnight, data from Cointelegraph Markets Pro and TradingView confirms.ETH/BTC 1-month candle chart (Bitstamp). Source: TradingView“The best period to buy altcoins is probably current weeks,” Cointelegraph contributor Michaël van de Poppe argued, adding that Bitcoin had “probably bottomed out.” 

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Bitcoin whales move fresh coins to exchanges in repeat of behavior before $42K BTC price dip

Bitcoin (BTC) whales may be planning to sell at short notice as BTC price action struggles around $47,000.In its daily QuickTake market updates on Dec. 5, on-chain analytics firm CryptoQuant warned that large volume movements on exchanges were increasing again.Data points to whales increasingly eager to sellHighlighting its exchange whale ratio metric, CryptoQuant deduced that major Bitcoin investors were taking no chances when it comes to short-term price action.Exchange whale ratio measures the size of the largest inflows and outflows from exchanges relative to total inflows and outflows.Before Saturday’s dip to $41,900, the metric spiked above the peak 0.95 level — and as of Monday, is back in the same territory.”Whales are still depositing BTC to exchanges. Exchange Whale Ratio reached over 95% again,” CryptoQuant commented. “Taker Buy Sell Ratio still remains negative, indicating the futures market sentiment is bearish.”As Cointelegraph reported, open interest on futures markets fell dramatically at the end of last week, but a debate remains over whether the flushing out was enough to save price action from further losses.Bitcoin exchange whale ratio annotated chart. Source: CryptoQuant”The period where the majority of the markets are only expecting further downside to happen,” Cointelegraph contributor Michaël van de Poppe continued on the day about market sentiment. “Just like three weeks ago majority were expecting a parabolic run to be happening in December.”Exchanges resume overall BTC lossesContinuing, CryptoQuant noted that exchange reserves were already back to their existing long-term downtrend after briefly spiking immediately before the dip.Related: BTC sentiment ‘comparable to a funeral’ — 5 things to watch in Bitcoin this week”The futures market started cooling off as the estimated leverage ratio dropped -22%,” it added.Exchange inflows annotated chart. Source: CryptoQuantThroughout the past few days, smaller investors have conversely been adding to their positions — a contrast to both whales and Bitcoin price corrections from earlier in 2021.

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