
Jakarta, Pintu News – Recent data from Binance shows significant differences in whale activity for Bitcoin and Ethereum , illustrating mixed market sentiment amid market uncertainty.
The latest on-chain analysis shows that Bitcoin (BTC) balances on Binance increased by 7,709 BTC from August 13th to September 3rd. This indicates an increase in deposits rather than withdrawals.
This phenomenon could indicate that Bitcoin (BTC) whales may be in a state of uncertainty or using a hedging strategy amid volatile market conditions. This increase in balances shows that not all large investors have the same view on the future of Bitcoin (BTC).
On the other hand, some analysts note that this movement could be a preparation for a big price move. If balances on exchanges are increasing, it could also mean that there is a potential for massive selling to occur if the price of Bitcoin (BTC) reaches a certain point.
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In contrast to Bitcoin (BTC), Ethereum (ETH) showed the opposite pattern. Binance recorded an outflow of 1.616 million ETH in the same period. The same group of whales, those with assets between $10 million and over $100 million, consistently withdraw Ethereum (ETH) from Binance.
This indicates higher confidence in the long-term value of Ethereum (ETH) compared to Bitcoin (BTC). In addition, other on-chain indicators such as Ethereum (ETH)’s Exchange Flux Balance also recorded negative values for the first time, signaling a decrease in selling pressure and an increase in buying demand.
In just two days, whales and institutions have accumulated around 218,750 ETH, worth approximately $942.8 million. This confirms the trend where large investors are increasingly consolidating their positions in Ethereum (ETH).
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Looking at the data, we can conclude that large investors tend to be more optimistic about the prospects of Ethereum (ETH) compared to Bitcoin (BTC). Three new wallets created recently have bought Ethereum (ETH) worth about $148.9 million.
This suggests that there is a fresh flow of funds into the Ethereum (ETH) market, which could be a positive indicator for future prices.
Massive buying by institutions also adds to the evidence that there is strong confidence from big players in Ethereum (ETH). Although the overall market sentiment is still cautious, this data shows that there are groups of investors who remain bullish, especially on Ethereum (ETH).
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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