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Number Of Crypto Whales Drop Despite Increased Activity – Santiment Data

Over the weekend, the number of Bitcoin whales holding hit its lowest since August 2019. 

Bitcoin Whales Transfer Reach $98.6 Million

On February 23rd, Santiment, a market intelligence platform that tracks on-chain and social metrics for more than 2,500 cryptocurrencies, posted a chart on Twitter highlighting Bitcoin whales’ activities.

According to Santiment, the number of addresses holding 100-1000 BTC has remained stable while the price of BTC has fluctuated between $23,000 to $25,000. Conversely, BTC whales possessing 1000-10,000 BTC have declined.

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A recent report from Whale Alert reveals that BTC whale transfers moved a total of $98.6 million. Notably, $46.3 million was moved from Gemini to an unidentified wallet, $24.5 million was sent from Binance to an anonymous wallet, and $24.8 million was moved from an anonymous wallet to Coinbase.

Currently, the BTC market is bearish after recording little gains in January. BTC’s price has been unable to surpass its next resistance price level of $27,000. However, if buyers successfully break this barrier, it could trigger a bullish momentum and raise the BTC price.

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Ethereum Whales Record Increased Activity 

However, BTC whales are not the only ones who have been active. Ethereum whales have been active as well. Whale Alert reported that on February 24th, there were transfers of approximately $636.9 million worth of Ethereum.

Among these transfers, Unknown wallets made three transactions from unknown wallets to Coinbase. The first, second, and third transactions are $42.1 million, $40.8 million, and $41.9 million, respectively.

The remaining transactions totaling $305.2 million and $206.9 million, were conducted to and from unknown and anonymous wallets, respectively. On February 23rd, @Lookonchain, a crypto analytical platform, reported new activity for an Ethereum whale asleep for over three years.

The wallet reportedly transferred ETH worth $8.3 million to another address that day. The price of Ethereum (ETH) is not exhibiting any bullish momentum.

Although ETH has been attempting to surpass the $1,677 resistance level since January 20th, it has not succeeded thus far. While it managed to surpass the hurdle briefly, it could not maintain that price level.

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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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