Whales Abandon BTC and ETH – Another Bear Cycle Is Looming?

In a March 3 YouTube stream, Santiment analysts show Whales are less interested in BTC and ETH. Whales kept selling when the price of Bitcoin was rising the other day. This is a concern as it could lead to a further decline in the value of the cryptocurrency king.

Additionally, Glassnode data shows that the total number of Bitcoin whales hit a three-year low of 1,663 on March 4.

source: glass node

whale Ethereum follow suit belong Bitcoin?

Interestingly, a similar trend is seen on the ETH chart as whales continue to sell despite the price increase. However, the reasons behind the movement of ETH whales may be different, as they transferred assets to staking contracts before the Shanghai upgrade.

Source: Santiment

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However, other on-chain indicators are bullish for BTC despite whales reducing their holdings. For example, exchange supply has decreased significantly while off-exchange supply has increased. This is a positive sign as it shows confidence in the market.

Source: Santiment

according to data In the case of Cryptoquant, net BTC inflows to exchanges have been low for the past seven days, which also looks promising as there is less selling pressure. Additionally, Binary CDD is green, which means that the movement of long-term holders over the past 7 days has been below average, indicating their willingness to hold the asset.

Another major bullish signal for BTC is that the relative strength index (RSI) is oversold at press time, increasing the odds of a bull run in the coming days. Not only that, but the number of new addresses hit a 21-month high, further building investor confidence.


source: glass node

Don’t be subjective!

While the aforementioned indicators favor bullish opportunities, some other indicators still favor the bears. BTC’s MVRV ratio has declined due to the recent downtrend, which could lead to further price declines. As the DyDx funding rate for BTC dropped, demand in the derivatives market also appeared to have declined.

The number of active wallets for sending and receiving tokens decreases. Therefore, considering all data sets, it is impossible to determine how the BTC price will move in the short term. At the time of writing, BTC is trading at $22,415 with a market cap of over $432 billion.


Source: Santiment

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According to AMBCrypto

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