BTC and ETH see declining whale interest, is another bear cycle imminent?

Bitcoin’s total number of whales reached a three-year low at press time. However, several on-chain metrics favored the bulls and suggested an uptrend. Santiment’s analyst, in a 3 March YouTube stream, pointed out the dwindling interest of the whales in Bitcoin [BTC] and Ethereum [ETH]. As BTC’s price increased a few days ago, whales continued […]

It was rather interesting to note that a similar trend was seen on Ethereum’s chart as whales continued to dump, despite the price pump. However, the reason behind

whales’ movement could be different, as they might be moving their assets to staking contracts ahead of the Shanghai upgrade.However, though the whales decreased their holdings, other on-chain metrics were bullish on . For instance, BTC’s supply on exchanges decreased considerably, along with an uptick in supply outside exchanges. This was a positive update, as it suggested that the border market was confident in BTC., BTC’s netflow on exchanges was low compared to the last seven days, which also looked promising as it indicated less selling pressure.

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