Big-time holders of the leading cryptocurrencies, Bitcoin and Ethereum, are showing divergent behaviors, according to data from on-chain analysis firm Glassnode.
This week that Ethereum whales, those holding 1,000 or more ETH (approximately $1.5 million), have been steadily selling off their holdings since 2020, with about $20 million ETH sold.
Conversely, Bitcoin whales, with 1,000 or more BTC (around $26.9 million), have shown a stable trend with minor drops, possibly due to the FTX collapse or profit realization post the 2021 bull run. This disparity has sparked numerous theories on social media.
Steven Lubka from Bitcoin financial services Swan, mentioned increased number of high-net-worth individuals switching their ETH for BTC due to regulatory pressures on Ethereum.
However, Kunal Goel from Messari and André Dragosch from Deutsche Digital Assets raised questions about the accuracy and completeness of Glassnode’s data. They pointed out that the depletion of Ethereum holdings could be due to staking, where users lock 32 ETH in smart contracts to facilitate blockchain transactions, rather than actual selling.
Despite the differential behavior, Bitcoin and Ethereum whales remain bullish, suggesting a complex story behind the numbers.
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