Bitcoin Whales Surge as Ethereum Activity Hits New High

The number of large Bitcoin wallets has reached a six-month high, according to Santiment. These wallets hold at least 10,000 BTC and have increased by six in the past eight weeks, or 7.1%. This growth may signal that the market is gearing up for its next major move.

Small holders are reducing their share of Bitcoin, while whales are increasing their positions. This shift in supply toward large holders typically increases the odds of a rally during the next sharp swing. Analysts note that retail trader sentiment was influenced by the Coldcard hack and delays in passing the CLARITY Act bill in August.

Ethereum network activity has climbed to its highest level since March, with 9,895,000 active addresses over the past 24 hours. The amount of Ethereum staked has also hit a record 41.7 million coins, roughly one-third of the asset's total supply.

The rise in staked coins is not leading to reward depletion, which supports further growth in the amount of coins being staked. CryptoQuant previously predicted that Bitcoin could drop to $51,000 after forming a local top.