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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin & Ethereum Whale Populations Quietly Growing, On-Chain Data Reveals

Keshav Verma
Keshav Verma
20 hours ago
2 mins read
Bitcoin & Ethereum Whales

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On-chain data from Santiment shows both Bitcoin and Ethereum whale address counts grew in August, signaling steady accumulation.

Bitcoin & Ethereum Whales Have Seen Their Counts Go Up Recently

In a new post on X, on-chain analytics firm Santiment has revealed how the whale populations have shifted on the Ethereum and Bitcoin blockchains recently. Whales refer to the key stakeholders of a cryptocurrency who hold amounts large enough that they can carry some degree of influence in the market.

The exact scale of these investors is defined differently across networks. For BTC, whales are considered to be entities carrying more than 1,000 BTC (equivalent to $112 million at the current exchange rate), while for ETH, the threshold is 10,000 ETH ($46.4 million).

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Now, here is the chart shared by the analytics firm that shows how the total number of whale-sized wallets has changed on each of these networks over the past few months:

Ethereum vs Bitcoin key wallets
The value of the metric appears to have gone up for both of the chains in recent days | Source: Santiment on X

As is visible in the above graph, the Bitcoin whales saw their count plummet back in July, implying a notable number of these investors exited from the market near the rally high.

In August, the metric has made gradual recovery for the cryptocurrency, with there now being 13 more such wallets compared to the start of the month. While this isn’t anything too big, it does indicate that big-money investors are slowly buying back in.

Ethereum has also seen its whale population go up during the same window and the increase has been more dramatic in its case. In total, 48 new whales have joined the blockchain since August began.

Given the key position that these investors occupy in the market, the sentiment among them is often worth keeping an eye on. With a buying push occurring from them right now, it would seem that their outlook is bullish, particularly in the case of ETH.

In some other news, Bitcoin has witnessed a sharp decline in capital inflows recently, as analyst Willy Woo has explained in an X post.

Bitcoin Vs Ethereum Capital Flows
The comparison of capital inflows between the BTC and ETH networks | Source: @woonomic on X

Bitcoin is today seeing around less than $1 billion per day in capital inflows, which is significantly down compared to the earlier peak above $2 billion per day. Interestingly, in the same period as BTC has seen inflows dry up, ETH has observed them pick up instead.

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This could be an indication that investor interest has been rotating from the former to the latter. Following the uptrend, Ethereum inflows have risen to almost the same level as BTC ones, meaning that a flip could occur soon.

BTC Price

Bitcoin has seen some recovery from its recent low as its price has climbed back up to $112,500.

Bitcoin Price Chart
Looks like the price of the coin is slowly moving back up | Source: BTCUSDT on TradingView
Featured image from Dall-E, Santiment.net, woocharts.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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