Crypto Giants See Whale Accumulation Surge
Despite recent market fluctuations, on-chain data from analytics firm Santiment reveals a steady and quiet accumulation by large Bitcoin and Ethereum holders, often dubbed "whales," throughout August. This trend signals a potential shift in investor sentiment and a bullish outlook, especially for Ethereum.
Bitcoin and Ethereum Whale Resurgence
New data highlights a significant increase in the number of Bitcoin and Ethereum "whale" addresses. For Bitcoin, defined as wallets holding over 1,000 BTC (approximately $112 million), numbers dipped in July following market highs but have since rebounded with 13 new whale wallets recorded in August. Ethereum, where a whale holds more than 10,000 ETH (roughly $46.4 million), has seen an even more pronounced surge, adding 48 new whale addresses since the beginning of August.
Capital Flows and Market Implications
This increase in whale populations suggests a strong underlying accumulation phase by major investors. While Bitcoin experienced a notable decline in daily capital inflows, dropping below $1 billion from a previous peak of over $2 billion, Ethereum has seen its capital inflows strengthen during the same period. This inverse relationship could indicate a strategic rotation of funds from Bitcoin to Ethereum among high-net-worth investors. Bitcoin's price has also shown a recovery, climbing back to $112,500 after a recent downturn, further reinforcing the cautiously optimistic market sentiment among these influential holders.
