Bitcoin (BTC) is facing continued pressure as it struggles to surpass the $64,000 mark. Currently, Bitcoin is trading at $61,605, representing a 1.33% decrease, with a market capitalization of $1.213 trillion. This selling pressure is also affecting the broader cryptocurrency market, with Ethereum (ETH), the leading altcoin, finding it challenging to maintain a price above $3,000.
Bitcoin Whale Activity on the Rise
Recent data from on-chain data provider Santiment reveals significant whale activity during the period when Bitcoin was trading between $61,000 and $64,000. Wallet addresses holding between 1,000 and 10,000 BTC collectively accumulated approximately $941 million worth of BTC. This accumulation trend suggests a potential recovery towards the highest holding levels observed in the past two weeks.
The CEO of crypto data platform CryptoQuant, Ki Young Ju, emphasized that the fundamentals of the Bitcoin Blockchain are robust enough to support a market capitalization three times its current size. According to him, these fundamentals could easily drive the price of the largest cryptocurrency to $265,000.
Cryptocurrency analyst Rekt Capital conducted an analysis suggesting that Bitcoin’s bull cycle is expected to slow down as it continues to consolidate below the $70,000 mark after its fourth block reward halving. The analyst highlighted that this slowdown may align with the historically repeating block reward halving cycle and potentially extend from mid-September to October 2025.
Ethereum Whale Accumulates $32 Million Worth of ETH
In the meantime, data from on-chain data provider Lookonchain reveals that a significant investor holding a long position in Ethereum recently withdrew 6,030 ETH worth $18.09 million from the Binance exchange. This whale has accumulated a total of 10,758 ETH worth $32.14 million from Binance since May 2.
According to on-chain data, the whale converted the purchased ETH into stETH and deposited it into the decentralized lending protocol Aave. Subsequently, they borrowed $28.5 million worth of stablecoins from Aave to reinvest with the goal of acquiring more ETH.
Experts caution that if ETH fails to sustain its levels just below the $3,000 mark, its price could potentially drop as low as $2,700.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
