Even though the top crypto markets are still a tad bearish, whales will continue accumulating. That is a good thing, as they help reduce the available bitcoin and Ether supply across exchanges. All metrics point toward an impending bullish breakout, although no one knows if and when that will happen.
The 1,000 Ether Club Keeps Growing
There are many reasons someone would like to have 1,000 Ether or more in their portfolio. Ethereum remains the second-largest cryptocurrency by market capitalization. Moreover, it has a growing community of developers and decentralized applications. The upcoming switch to proof-of-stake via The Merge is also expected to positively impact the price, although many feel it has been priced in already.
Additionally, buying 1,000 Ether is much easier than buying 1,000 BTC. Ether has a much lower price point – although 1,000 Ether would still set one back $175,000 – but buying 1,000 BTC would cost over $23 million. In addition, Ethereum has an uncapped supply, making it more prone to lower price dips, which are excellent for those who accumulate over time. The end result is a new nine-month high for the 1,000 Ether club at 6,368 wallets.
It is remarkable to see such a high, as the club had shrunk a fair bit since late 2021. That is primarily due to the ETH price retracing significantly from its 2021 all-time high and even returning to triple-digit values for a while. A return to over $4,000 per ETH is not out of the question, but such a scenario has become increasingly unlikely, at least in the short term.
The ongoing accumulation by ETH whales hasn’t done much to decrease the exchange supply. A weekly decline of 0..58% and a monthly decrease of 0.95% are decent numbers, but no one will at an eye at them either. There is still over 14 million ETH on exchanges today, a steep increase compared to 11.91 million a year ago. It will be interesting to see how that metric evolves over the coming months.
BTC Whales Stack Full Bitcoins
While it is commendable to see Ethereum whales accumulate over 1,000 ETH, BTC whales play their part too. There is a new all-time high for addresses holding over one full bitcoin. That metric has been on the rise for some time now, and reaching 900,000 addresses remains very plausible. Regardless of the overarching market conditions, stacking BTC – in whichever capacity one can afford – remains the safest play.
Like Ethereum, there is still plenty of bitcoin on exchanges. However, that metric is on the cusp of dropping below 1.5 million BTC, and unlike Ethereum, it is already lower than a year ago by 6.26%. Weekly metrics confirm a 0.81% decline in exchange balances, whereas the past 30 days yielded a 2.77% dip. There is clearly more bullish momentum for bitcoin than Ether, at least where these metrics are concerned.
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