{"id":85758,"date":"2023-10-16T12:13:11","date_gmt":"2023-10-16T09:13:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85758"},"modified":"2025-09-13T01:16:23","modified_gmt":"2025-09-12T22:16:23","slug":"analyst-assesses-whale-behaviour-in-bitcoin-and-ethereum","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analyst-assesses-whale-behaviour-in-bitcoin-and-ethereum\/","title":{"rendered":"Analyst assesses whale behaviour in Bitcoin and Ethereum"},"content":{"rendered":"<p>Since the start of the year, Ethereum whales (over 1,000 ETH, ~$1.5m) have reduced their positions by 12 million ETH, while Bitcoin whales (more than 1,000 BTC, ~$26.9m) have been accumulating coins.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">The stark contrast between <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> and <a href=\\\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Ethereum<\/a> whales. <\/p>\n<p>ETH Whales: 1k ETH or greater, all in a massive downtrend. In the space of a year, we&#8217;ve seen 12M ETH offloaded, since 2020, its 20M ETH. <a href=\\\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\\\">#BTC<\/a> Whales: 1K BTC or greater, all in an aggregate uptrend to flat.\u2026 <a href=\\\"https:\/\/t.co\/khc5njEbDp\\\">pic.twitter.com\/khc5njEbDp<\/a><\/p>\n<p>\u2014 James V. Straten (@jimmyvs24) <a href=\\\"https:\/\/twitter.com\/jimmyvs24\/status\/1711699286365217250?ref_src=twsrc%5Etfw\\\">October 10, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n<\/p>\n<p>According to Cryptoslate analyst James V. Straten, the second-largest cryptocurrency remains under substantial selling pressure. Since 2020, major investors have emptied wallets of 20 million ETH (~$31.7 million).<\/p>\n<p>\\n\\n<\/p>\n<p>In an interview with <a href=\\\"https:\/\/decrypt.co\/201674\/bitcoin-ethereum-whale-comparison-glassnode\\\">Decrypt<\/a>, Swan Private Clients head Steven Lubka said the firm had encountered a large number of wealthy individuals looking to swap Ethereum for Bitcoin. As a reason, they often cite regulatory uncertainty, he added.<\/p>\n<p>\\n\\n<\/p>\n<p>Lubka was backed by CEO and co-founder of Amboss Jesse Schrader.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p><em>\u201cBitcoin provides a simple function: the best money, while Ethereum [\u2026] risks losing ground due to smart contracts and critical changes to the hard fork protocol,\u201d<\/em> \u2014 the expert said.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<p>Senior Messari analyst Kunal Goel questioned the completeness of the Glassnode data referenced by Straten.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\"><p>\\n<\/p>\n<p><em>\u201cDoes the chart accurately reflect <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-staking-and-how-to-make-money-from-it\">staking<\/a>? Transfers to the contract may look like on-chain selling, which they are not,\u201d<\/em> the specialist explained.<\/p>\n<p>\\n<\/p><\/blockquote>\n<p>\\n\\n<\/p>\n<p>Andr\u00e9 Dragosch, head of research at Deutsche Digital Assets, agreed with Goel. He called the \u201cdrama\u201d of ETH whale selling \u201cblown out of proportion.\u201d<\/p>\n<p>\\n\\n<\/p>\n<p>The analyst noted that Ethereum&#8217;s share of smart contracts is growing \u201cin a coordinated manner\u201d and confirmed Glassnode&#8217;s methodology regarding how whale positions are calculated.<\/p>\n<p>\\n\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">?Follow-up on the <a href=\\\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Ethereum<\/a> whale-selling drama <\/p>\n<p>Although it makes for a great narrative around the recent underperformance of <a href=\\\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$ETH<\/a> vs <a href=\\\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$BTC<\/a> and I admittedly feel a bit of Schadenfreude, it appears to be a nothing burger.<\/p>\n<p>Reason ?<br \/>Although, the % of supply held by addresses in\u2026 <a href=\\\"https:\/\/t.co\/H1ByFBzVFq\\\">pic.twitter.com\/H1ByFBzVFq<\/a><\/p>\n<p>\u2014 Andr\u00e9 Dragosch | Bitcoin &#038; Macro \u26a1 (@Andre_Dragosch) <a href=\\\"https:\/\/twitter.com\/Andre_Dragosch\/status\/1711709708208181350?ref_src=twsrc%5Etfw\\\">October 10, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n<\/p>\n<p>Analysts at K33 Research <a href=\"https:\/\/u1f987.com\/en\/news\/k33-research-ethereum-continues-to-lag-bitcoin\">concluded<\/a> that traders continue to favour Bitcoin.<\/p>\n<p>\\n\\n<\/p>\n<p>On October 8, Ethereum&#8217;s median gas price fell to 6.8 Gwei \u2014<a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-gas-price-hits-annual-low\"> the lowest level in 2023<\/a>.<\/p>\n<p>\\n\\n<\/p>\n<p>Earlier, Standard Chartered&#8217;s head of research, Jeffrey Kendrick, <a href=\"https:\/\/u1f987.com\/en\/news\/standard-chartered-analyst-forecasts-ethereum-at-8000\">forecasted the price<\/a> of the second-largest cryptocurrency to reach $8,000 by the end of 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since the start of the year, Ethereum whales (over 1,000 ETH, about $1.5m) have reduced positions by 12 million ETH, while Bitcoin whales (more than 1,000 BTC, about $26.9m) have been accumulating coins.<\/p>\n","protected":false},"author":1,"featured_media":85759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1156,1145,1268],"class_list":["post-85758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-institutional-investors-and-whales","tag-market-analysis","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=85758"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85758\/revisions"}],"predecessor-version":[{"id":85760,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85758\/revisions\/85760"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/85759"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=85758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=85758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=85758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}