Ethereum Whales Sell $113.5M as Bitcoin Investors Accumulate 19,255 BTC

On-chain data reveals a contrasting trend between Ethereum and Bitcoin investors. Ethereum whales, defined as entities holding between 1,000 and 10,000 ETH, have been selling their assets recently. This range translates to holdings valued between $1.8 million and $18 million, encompassing some of the key investors in the sector. According to analyst Ali Martinez, these whales have offloaded more than 63,000 ETH, approximately $113.5 million, within a 48-hour window. This sell-off coincides with Ethereum's recent recovery rally, suggesting that these large investors may be capitalizing on profit-taking opportunities.

In contrast, key holders on the Bitcoin network have been accumulating the asset. On-chain analytics firm Santiment reports that Bitcoin holders with between 10 and 10,000 BTC have collectively added 19,255 BTC to their wallets during the price rally. This range includes both sharks and whales, indicating strong support for Bitcoin's recovery run. The accumulation by these key investors suggests that the Bitcoin rally may have more sustainability compared to Ethereum's.

The trend of accumulation is further supported by high inflows into Bitcoin spot exchange-traded funds (ETFs). Santiment notes that the recent ETF inflows are the largest in months, with institutions like Blackrock playing a significant role in the crypto-wide bounce. This institutional interest adds to the bullish sentiment surrounding Bitcoin.

At the time of writing, Ethereum is trading around $1,800, marking a more than 12% increase over the last week. Despite the sell-off by Ethereum whales, the asset has shown resilience, continuing its upward trajectory. However, the contrasting behaviors of Ethereum and Bitcoin investors highlight the differing dynamics within the cryptocurrency market. While Ethereum whales are taking profits, Bitcoin's key investors are accumulating, potentially setting the stage for a more sustained rally in the latter.