After experiencing a correction following its surge above $87,000 about two weeks ago, Bitcoin has been trading sideways between $82,000 and $85,000 in recent days.
While altcoins are also going through a quiet period, an analyst analyzed the transactions of Bitcoin, Ethereum, and XRP whales. According to popular analyst Ali Martinez, BTC whales are reducing their assets while ETH whales are accumulating them.
BTC Whales Are Selling, ETH Whales Are Accumulating!
Ali Martinez, who analyzes whale movements from account X, noted that large cryptocurrency whales took different positions last week while the overall market largely traded sideways.
At this point, the analyst noted that while Bitcoin whales reduced their positions last week, Ethereum whales increased their purchases. On the XRP side, there was no significant change in the positions of large investors.
The analyst noted that Bitcoin whales’ total holdings decreased by approximately 30,000 BTC in the past week. In contrast to this movement in Bitcoin, Ethereum whales accumulated approximately 60,000 ETH during the same period. Thus, it appears that large investors have taken different positions in BTC and ETH over the past week.
No Major Changes in XRP!
The analyst noted that whales’ XRP holdings remained largely stable at around 3.9 billion XRP. The analyst interpreted this as XRP whales remaining in a waiting mode to see the next direction of the market.
*This is not investment advice.
