Bitcoin (BTC) remains under pressure after failing to surpass $64,000 last week. Currently, Bitcoin is trading at $61,605, down 1.33%, and has a market cap of $1.213 trillion. The selling pressure is also affecting the overall cryptocurrency market, with Ethereum (ETH) struggling 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 Bitcoin’s trading range of $61,000 to $64,000. Wallet addresses holding between 1,000 and 10,000 BTC accumulated approximately $941 million worth of BTC. This accumulation trend indicates a potential recovery towards the highest holding levels seen in the past two weeks.
According to Ki Young Ju, CEO of crypto data platform CryptoQuant, the fundamentals of the Bitcoin Blockchain are strong enough to support a market cap three times its current size. He believes that with these fundamentals, the price of Bitcoin could easily rise to $265,000.
Cryptocurrency analyst Rekt Capital suggests that Bitcoin’s bull cycle may slow down as it consolidates below the $70,000 threshold following the fourth block reward halving. This slowdown could align with the historically repeating block reward halving cycle and potentially continue from mid-September to October 2025.
Ethereum Whale Accumulates $32 Million Worth of ETH
On the other hand, data from on-chain data provider Lookonchain reveals that a significant investor recently withdrew 6,030 ETH worth $18.09 million from the Binance exchange. The whale has accumulated a total of 10,758 ETH worth $32.14 million from Binance since May 2.
The whale converted the purchased ETH into stETH and deposited it into the decentralized lending protocol Aave. They then 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 maintain its current levels just below the $3,000 threshold, its price could drop to as low as $2,700.
Please note that the information contained in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
