Bitcoin Holders Are Dumping Coins and Moving to Ethereum Is the Bull Run Coming to an End
Key Points
– Bitcoin wallets are being emptied at a rapid pace due to concerns about falling prices.
– While Bitcoin is declining, Ethereum wallets are growing, indicating investor confidence despite price fluctuations.
– The differing trends between Bitcoin and Ethereum suggest a shift in investor preferences.
Investors Abandon Bitcoin Amid Price Decline
As the price of Bitcoin continues to drop, data from behavior analysis platform Santiment reveals a concerning trend: Bitcoin holders are rapidly moving their assets out of their wallets. This trend, reminiscent of activity before Bitcoin reached its peak in March, now reflects growing apprehensions about potential losses.
Is the Bitcoin bubble on the verge of bursting?
Decrease in Bitcoin Holdings
According to Santiment, the number of Bitcoin wallets holding any amount of BTC has experienced its most significant decrease in three days since March 14th. This decline indicates a massive sell-off as the price of Bitcoin remains in a downward trend.
In a recent development, Bitcoin holders have witnessed the largest 3-day decline in non-empty wallets since the period leading up to the all-time high on March 14th. Unlike before, Bitcoin’s value is decreasing, prompting traders to sell off their holdings in fear of further declines. Meanwhile, Ethereum wallets continue to increase in number.
Investor Concerns Reach New Heights
With the current price of Bitcoin at $65,651, down from over $71,000 earlier this month and its peak of $73,000 in mid-March, the swift movement of Bitcoin out of wallets indicates a growing anxiety among investors about potential price drops.
The 30-day change in BTC stands at -2.1%, with a 7-day change of -3.5% and a 24-hour change of -0.8%. These figures demonstrate the mounting concerns among Bitcoin holders, leading them to sell off their assets to mitigate potential losses.
Rise in Ethereum Popularity
In contrast to the decline in Bitcoin, the number of wallets holding Ethereum is on the rise, signaling increasing interest and confidence in Ethereum despite recent price fluctuations. Currently priced at $3,448.3, Ethereum was valued at over $3,850 earlier this month. Despite a 7-day change of -3.1% and a 24-hour change of -3.3%, Ethereum has seen a 30-day increase of +10.6%.
The divergent trends in Bitcoin and Ethereum holdings underscore the changing dynamics in the cryptocurrency market. While Bitcoin holders react cautiously to price drops with sell-offs, Ethereum is attracting new investors and displaying resilience.
Additional Reading:
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Tags
– Bitcoin
– Ethereum
– Price Analysis