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Last week, the price movement of Bitcoin (BTC) slowed down compared to previous periods. However, it has now risen above the $40,000 level, which could indicate a path to recovery. Ethereum (ETH) also experienced significant losses throughout the week but has now managed to neutralize its position.
Critical Report on Crypto Giants
On Saturday, the price of Bitcoin remained near $42,200 with a daily increase of 1% according to CoinGlass data. The trading volume in cryptocurrency derivatives significantly decreased by 55%, dropping to $21.50 billion. Nevertheless, Bitcoin’s total market value remained at $828.78 billion, and the open interest (OI) for Bitcoin was reported at $17.98 billion. Over 24 hours, liquidations exceeding $13.37 million could indicate selling pressure. While the traded volume fell by approximately 50% to $8.44 billion, the total market value was $275.03 billion. Ethereum’s OI was $7.79 billion, with total liquidations at $4.35 million. IntoTheBlock’s measurements revealed enlightening details about the two cryptocurrencies.
Bitcoin’s large transaction volume fell by 39.08% to $25.93 billion, which could indicate a decrease in high-value transactions. Daily active addresses reflected an increase in user activity, rising by 7.76% to 979,300. The balance of holders slightly increased to $581.26 billion. Notably, exchange net flows saw a significant decrease of 129.87%, reaching a negative $71.71 million.
Bitcoin and Ethereum Holders
The participation rate of whales was 2.31%. Currently, 82.45% of Bitcoin holders are ‘in profit’, which could indicate a positive return on investment. For Ethereum, the large transaction volume also decreased by 49.58% to $2.14 billion. Daily active addresses increased by 9.94% to 595,640. The balance of Ethereum’s holders rose to $218.04 billion. Exchange net flows showed a dramatic decrease of 405.1%, reaching a negative $96.24 million. The participation rate of Ethereum whales was significantly higher at 36.89%, with 71.70% of holders in investment mode.
Both Bitcoin and Ethereum are experiencing a decline in large transaction volumes, which could mean a relative decrease in investor transaction interest. Negative exchange net flows for both suggest users are withdrawing their tokens from exchanges. IntoTheBlock also noted that Bitcoin and Ethereum saw a decrease of over 30% in transaction fees, which could be due to decreased market volatility and less need for transactions among users.
