Bitcoin (BTC), unable to surpass $64,000 last week, continues to trade under pressure. At the time of writing, Bitcoin is trading at $61,605, down 1.33%, with a market cap of $1.213 trillion. The selling pressure is also evident in the cryptocurrency market overall, as Ethereum (ETH), the king of altcoins, struggles to maintain a price above $3,000.
Bitcoin Whale Activity on the Rise
According to the latest data from on-chain data provider Santiment, while Bitcoin was trading between $61,000 and $64,000, significant whale activity was observed. Wallet addresses holding between 1,000 and 10,000 BTC collectively accumulated approximately $941 million worth of BTC. This accumulation trend points to a recovery towards the highest holding levels seen in the last two weeks.
Ki Young Ju, CEO of crypto data platform CryptoQuant, highlighted that the fundamentals of the Bitcoin Blockchain are strong enough to support a market cap three times its current size. According to him, with these fundamentals, the price of the largest cryptocurrency could easily rise to $265,000.
Cryptocurrency analyst Rekt Capital noted in an analysis that Bitcoin is expected to slow down its bull cycle as it continues to consolidate below the $70,000 threshold following its fourth block reward halving. The analyst emphasized that this slowdown could realign with the historically repeating block reward halving cycle and potentially continue from mid-September to October 2025.
Ethereum Whale Accumulates $32 Million Worth of ETH
Meanwhile, according to data from on-chain data provider Lookonchain, a significant investor holding a long position in Ethereum recently withdrew 6,030 ETH worth $18.09 million from the Binance exchange. With this withdrawal, the whale has accumulated a total of 10,758 ETH worth $32.14 million from Binance since May 2.
According to on-chain data, the whale converted the purchased ETH into stETH and deposited it into the decentralized lending protocol Aave. Later, they borrowed $28.5 million worth of stablecoins from Aave to reinvest with the aim of acquiring more ETH.
Experts warn that if ETH fails to maintain its levels just below the $3,000 threshold, its price could drop to as low as $2,700.
