This week the audience caught wind The complete opposite It underscores the seemingly antagonistic sentiment between the whales in Bitcoin and Ethereum, the biggest holders of two of the top cryptocurrencies on the market. According to on-chain analysis firm Glassnode, Ethereum Whales holding 1,000 or more ETH (value approx 1.5 million USD) has been decreasing significantly since 2020, with 20 million USD of ETH sold.
on the other hand, Bitcoin Whales gather silently. Those holding 1,000 or more BTC (roughly $26.9 million) remained mostly flat over the same period – although there were two sharp drops, perhaps in FTX failure Or taking profits after the 2021 bull run.
The difference in activity seen by the whale has led to theories floating around on social media, with prominent figures in the Bitcoin corridor taking the opportunity to fire shots at their counterparts in the Ethereum community.
Steven LubkaSwan, Head of Private Client Services for Bitcoin Financial Services, said Decrypt His company has seen many high-net-worth individuals (HNWI) looking to offload their ETH for BTC. Above all, he pointed out the legal issues surrounding the industry.
“Ethereum is under regulatory pressure, but not Bitcoin,” he said.
His voice resonated with Jesse Schrader, CEO and co-founder Anvila data analytics firm b Lightning network.
“Bitcoin offers a simple function: better money,” Shrader said. On the other hand, “while Ethereum offers a lot of interesting complexity, it can lose its plot to smart contracts and critical hard fork protocol changes.”
But Glassnode's data and conclusions seem incomplete.
“Does the table adjust properly for pinching?” asks senior research analyst Kunal Goel Mr. He explained. Decrypt “To A Pinching The contract may appear to be chained, but it is never sold.
Currently, enrolling in the Ethereum network requires users to lock (or pledge) 32 ETH in a smart contract to help verify blockchain transactions. This appears to be driving the decline in holdings by large entities.
“The information has to be right,” Goel added, although the huge dollar difference between the big owners doesn't prevent whalers from competing.
Andre Dragosch, head of research at Deutsche Digital Assets (DDA), a crypto asset manager, echoed Goel's views. He called the ETH whale-selling drama “no burger” and noted that the percentage of ETH supply in smart contracts is increasing “proportionally.”
He Bright On Twitter, Glassnode excludes Ether tied up in smart contracts with the previously mentioned whale supply parameter. In fact, Dragosch added, the percentage of ETH supply held by the top 1% of addresses has not decreased at all.
The numbers may seem to say one thing at first glance, but they tell a different story: Bitcoin and Ethereum whales continue to bully.
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