{"id":555450,"date":"2023-10-15T18:00:15","date_gmt":"2023-10-15T18:00:15","guid":{"rendered":"https:\/\/www.wncen.com\/?p=555450"},"modified":"2024-06-11T08:16:24","modified_gmt":"2024-06-11T08:16:24","slug":"on-chain-tracker-notices-major-difference-between-bitcoin-and-ethereum-whales","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/on-chain-tracker-notices-major-difference-between-bitcoin-and-ethereum-whales\/","title":{"rendered":"On-Chain Tracker Notices Major Difference Between Bitcoin And Ethereum Whales"},"content":{"rendered":"

As earlier reported, Bitcoin <\/span>holders have <\/span><\/a>steadily held on to their coins in the past few months. Bitcoin whales, in particular, seem to be doubling despite the current uncertainty in Bitcoin’s future projection. Long-term holders add an <\/span>average of 50,000 BTC<\/span><\/a> to their wallets every month, as indicated by the HODLer Net Position Change indicator provided by Glassnode.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst: Bitcoin To Surpass Gold And Silver Within A Decade<\/a><\/div>\n

On the other hand, <\/span>whales of Ethereum<\/span><\/a>, the second largest crypto in the world, appear to be on a different trajectory. On-chain data has shown that while Bitcoin whales hoard their coins, Ethereum whales appear to be dumping their holdings in recent years.<\/span><\/p>\n

Bitcoin Whales Buying More, Ethereum Whales Selling<\/h2>\n

Bitcoin whales, meaning the largest holders with 1000 BTC or greater, have been steadily accumulating more BTC since 2018, according to data from on-chain analytics firms. However, there have been sell-offs, either through extended bear markets or during profit-taking after a strong bullish uptrend.<\/span><\/p>\n

A research analyst for Cryptoslate named James Straten posted<\/a> on social media that Ethereum whales with more than 1,000 ETH have been selling since the same period. While sharing a Glassnode chart, he shared a correlation between the whales of the blockchains. <\/span><\/p>\n

On-chain data shows ETH whales have offloaded 20 million ETH since 2022, with <\/span>12 million ETH being sold<\/span><\/a> off this year alone.<\/span><\/p>\n

\"Bitcoin
BTC’s price trends to the downside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Possible Explanation For The Contrasting Whale Activity<\/h2>\n

The story these on-chain metrics tell provides insight into the prevailing mood among large crypto holders of different blockchains.\u00a0<\/span><\/p>\n

Although the amount of ETH held by whales might indicate they have <\/span>sold or moved their funds<\/span><\/a> to other cryptocurrencies, a better possibility is that these whales transferred their ETH into Ethereum smart contracts. Since <\/span>Ethereum version 2.0<\/span><\/a> kickstarted its journey in December 2020, the number of tokens in the staking protocol has grown significantly.\u00a0<\/span><\/p>\n

ETH 2.0 requires validators to stake 32 ETH in its deposit contract to validate transactions on the Ethereum blockchain. At the moment, <\/span>the contract now has<\/span><\/a> 31.2 million ETH worth $48.6 billion locked. This seems consistent with on-chain data, which shows that the percentage of supply tied in smart contracts overtook the supply in addresses holding 1000+ ETH in late 2020.\u00a0<\/span><\/p>\n

Crypto research analyst Andr\u00e9 Dragosch shared<\/a> this correlation on social media platform X. The correlation buttresses that the Glassnode data doesn’t consider the ETH tied in smart contracts for its whale supply metric.<\/span><\/p>\n

With a domination of 17.8% over the whole cryptocurrency market, the Ethereum blockchain continues to solidify its position as the undisputed leader of smart contracts. Unlike Bitcoin whales, bullish ETH whales are <\/span>not just HODLing<\/span><\/a> but employing techniques to maximize their crypto gains. <\/span><\/p>\n

Related Reading: Bloomberg Analyst Predicts Likelihood Of A Spot Bitcoin ETF By January 2024<\/a><\/div>\n

At the time of writing, ETH is trading at $1,557. However, a <\/span>recently failed bullish pattern formation<\/span><\/a> could send the price of ETH falling below $1,000.<\/span><\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

As earlier reported, Bitcoin holders have steadily held on to their coins in the past few months. Bitcoin whales, in particular, seem to be doubling despite the current uncertainty in Bitcoin’s future projection. Long-term holders add an average of 50,000 BTC to their wallets every month, as indicated by the HODLer Net Position Change indicator provided by Glassnode.\u00a0 Related Reading: Crypto Analyst: Bitcoin To Surpass Gold And Silver Within A Decade On the other hand, whales of Ethereum, the second largest crypto in the world, appear to be on a different trajectory. On-chain data has shown that while Bitcoin whales hoard their coins, Ethereum whales appear to be dumping their holdings in recent years. Bitcoin Whales Buying More, Ethereum Whales Selling Bitcoin whales, meaning the largest holders with 1000 BTC or greater, have been steadily accumulating more BTC since 2018, according to data from on-chain analytics firms. However, there have been sell-offs, either through extended bear markets or during profit-taking after a strong bullish uptrend. A research analyst for Cryptoslate named James Straten posted on social media that Ethereum whales with more than 1,000 ETH have been selling since the same period. While sharing a Glassnode chart, he shared a correlation between the whales of the blockchains. On-chain data shows ETH whales have offloaded 20 million ETH since 2022, with 12 million ETH being sold off this year alone. Possible Explanation For The Contrasting Whale Activity The story these on-chain metrics tell provides insight into the prevailing mood among large crypto holders of different blockchains.\u00a0 Although the amount of ETH held by whales might indicate they have sold or moved their funds to other cryptocurrencies, a better possibility is that these whales transferred their ETH into Ethereum smart contracts. Since Ethereum version 2.0 kickstarted its journey in December 2020, the number of tokens in the staking protocol has grown significantly.\u00a0 ETH 2.0 requires validators to stake 32 ETH in its deposit contract to validate transactions on the Ethereum blockchain. At the moment, the contract now has 31.2 million ETH worth $48.6 billion locked. This seems consistent with on-chain data, which shows that the percentage of supply tied in smart contracts overtook the supply in addresses holding 1000+ ETH in late 2020.\u00a0 Crypto research analyst Andr\u00e9 Dragosch shared this correlation on social media platform X. The correlation buttresses that the Glassnode data doesn’t consider the ETH tied in smart contracts for its whale supply metric. With a domination of 17.8% over the whole cryptocurrency market, the Ethereum blockchain continues to solidify its position as the undisputed leader of smart contracts. Unlike Bitcoin whales, bullish ETH whales are not just HODLing but employing techniques to maximize their crypto gains. Related Reading: Bloomberg Analyst Predicts Likelihood Of A Spot Bitcoin ETF By January 2024 At the time of writing, ETH is trading at $1,557. However, a recently failed bullish pattern formation could send the price of ETH falling below $1,000. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":594,"featured_media":555456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1122,78790,8323,16163,1946,78803],"class_list":["post-555450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btc-price","tag-btcusdt","tag-eth","tag-eth-price","tag-ethereum","tag-ethusdt"],"acf":[],"yoast_head":"\nOn-Chain Tracker Notices Major Difference Between Bitcoin And Ethereum Whales<\/title>\n<meta name=\"description\" content=\"As earlier reported, Bitcoin holders have steadily held on to their coins in the past few months, BTC whales, in particular.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"On-Chain Tracker Notices Major Difference Between Bitcoin And Ethereum Whales","url":"http:\/\/www.wncen.com\/news\/on-chain-tracker-notices-major-difference-between-bitcoin-and-ethereum-whales\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/on-chain-tracker-notices-major-difference-between-bitcoin-and-ethereum-whales\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-BTCUSDT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-BTCUSDT.jpg?fit=640%2C425"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btc price","btcusdt","eth","eth price","ethereum","ethusdt"],"dateCreated":"2023-10-15T18:00:15Z","datePublished":"2023-10-15T18:00:15Z","dateModified":"2024-06-11T08:16:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"On-Chain Tracker Notices Major Difference Between Bitcoin And Ethereum Whales\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/on-chain-tracker-notices-major-difference-between-bitcoin-and-ethereum-whales\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/on-chain-tracker-notices-major-difference-between-bitcoin-and-ethereum-whales\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-BTC-BTCUSDT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Bitcoin-BTC-BTCUSDT.jpg?fit=640%2C425\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btc price\",\"btcusdt\",\"eth\",\"eth price\",\"ethereum\",\"ethusdt\"],\"dateCreated\":\"2023-10-15T18:00:15Z\",\"datePublished\":\"2023-10-15T18:00:15Z\",\"dateModified\":\"2024-06-11T08:16:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-BTCUSDT.jpg?fit=640%2C425","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/555450"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=555450"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/555450\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/555456"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=555450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=555450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=555450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}