Bitcoin whales have remained largely inactive in the recent past compared to the top altcoins such as Ethereum, and Ripple-backed XRP.
Bitcoin (BTC) price continued with its consolidation on Tuesday after the buyers failed to pump above $72K on Monday. The flagship coin slipped below $68k as more traders shifted focus to the meme coin industry. Moreover, top meme coins led by Pepe (PEPE), Floki Inu (FLOKI), dogwifhat (WIF), Bonk (BONK), and Turbo (TURBO), among others have registered palpable gains in the past few days.
The ongoing crypto debate in the United States has significantly helped improve the overall liquidity in the nascent industry. More institutional investors can now tap into the digital asset industry through spot Bitcoin ETFs.
Ideally, when Bitcoin price rallies, almost the entire altcoin industry registers bullish sentiments.
Bitcoin (BTC) Whales on a Technical Rest
According to on-chain data analysis provided by Santiment, Bitcoin wallets with balances between 10 and 10K units have declined 0.4 percent in the last two months. Additionally, Bitcoin whales transactions involving $100K and more have been on a downward trajectory in the past three months, contrary to the general opinion that spot BTC ETFs have increased overall trading volume.
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— Santiment (@santimentfeed) May 28, 2024
Nonetheless, the decline in Bitcoin (BTC) whales’ activity should not be entirely perceived as a bearish signal as the group has not been selling. Furthermore, the demand for Bitcoin has outstripped the daily supply from miners around the world.
Meanwhile, Bitcoin addresses associated with Mt.Gox registered have reawakened after more than five years of inactivity. According to on-chain data, more than 141,686 Bitcoins were moved from addresses associated with defunct cryptocurrency exchange Mt.Gox to unknown addresses in the past 24 hours.
As Coinspeaker previously reported, Mt.Gox has been preparing to repay the impacted customers in the past few years. However, some funds may never be recovered as they have already been spent severely on the blockchain in the past decade.
Silver Lining
The ongoing Bitcoin price decline has been perceived as an opportunity for the altcoin industry to shine after several months of accumulation. According to on-chain data analysis by Santiment, Ethereum whales with at least 10k units have accumulated more than 21 million Ether units in the past 14 months.
Similarly, XRP whales with holdings of over 10M units have added around 3.2 billion units in the last 16 months.
The recent approval of spot Ethereum ETFs in the United States and Hong Kong has rejuvenated altcoin’s bullish sentiments. Furthermore, Bitcoin dominance has signaled an inevitable macro reversal in the coming months bolstered by the notable rebound in the ETH/BTC pair.
Meanwhile, Bitcoin (BTC) price will continue to range in the consolidation channel between $61K and $72K until the bulls manage to consistently pump beyond $74K.
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