- Glassnode shows whale participation is fading away for Bitcoin and Ethereum.
- Number of ETH addresses holding up to 1,000 coins and above reached a one-month low.
- Whales are taking profit from recent market rallies.
On-chain analysis platform, Glassnode shows whale participation is fading away on the network of the two frontline cryptos, Bitcoin and Ethereum. According to details reported by the on-chain market intelligence platform, the BTC amount of supply last active for three to five years has dropped to a two-year low. The platform also reported that the number of Ethereum wallets holding ETH tokens of 10,000 and above also fell to a 1-month low.
Moreover, Bitcoin’s “3y-5y” supply fell to 2,144,828.279 BTC. The lowest level it had been before this was at 2,144,844.528 BTC, which it reached just about 24 hours before the time of writing. Similarly, the reported drop in Ethereum wallets holding ETH tokens of up to 10,000 and above happened during the same period. That number dropped to 1,194 wallets. The lowest number before then was 1,195 wallets.
The dwindling whale activity reports released by Glassnode coincide with the pullback that the crypto market has experienced lately. Most cryptos across the board have shredded a notable portion of the gains achieved in 2023. Bitcoin, in particular, dropped below $23,000 for the first time in ten days as the bears and the bulls struggled to retain control of the markets.
Glassnode also reported that the number of Bitcoin wallets holding at least 1,000 BTC dropped to a 3-year low of 2,027, adding to the perceived rejection by whales at the moment. Hence, there is a widespread expectation that the market will continue to rally after a temporary pullback or if the current support levels uphold. Analysts believe that the momentary crypto sell-off by whales intends to extract profit from the rallying market.
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