By: Eva Baxter
As the crypto market faces a dip, there is distinctive behavior observed among Bitcoin and Ethereum holders. Where smaller cohorts have shown inclination towards selling, larger Bitcoin holders, or 'whales', are choosing to accumulate more Bitcoins. In particular, long-term holders (LTHs) and short-term holders (STHs) of Bitcoin show different market behaviors. LTHs, those who hold Bitcoin for more than 155 days, are beginning to send profits to exchanges. Meanwhile, STHs, those who hold Bitcoin for less than 155 days, exhibit more erratic behavior, transferring a substantial amount at a loss.
Such market trends are also evident in the Ethereum market. Larger investors have shown strategic accumulation, buying at lower prices and selling at higher valuations. This has resulted in substantial profits for the Ethereum whales. These substantial movements signify a bullish sentiment on the future of these cryptocurrencies, despite speculative market downturns. Crypto analysts urge investors to watch these trends as they reveal insights into possible future movements in cryptocurrency market.
These market activities come as Bitcoin's daily trading volume fell from over $40 billion last Friday to about $26 billion. In addition, as crypto analyst Jacob Canfield has pointed out, the impending Bitcoin halving could play a crucial role in rebalancing market dynamics, potentially tipping the scale towards demand over supply. Following current market indicators, it is expected that Bitcoin may face further corrections in the short term.
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