This week, observers caught wind of a stark contrast between large holders of the two top cryptocurrencies on the market–highlighting a seemingly opposite sentiment among whales in Bitcoin and Ethereum. According to on-chain analysis firm Glassnode, Ethereum whales that hold 1,000 or more ETH (worth roughly $1.5 million) have been in a sharp downtrend since 2020, with $20 million ETH being sold off. 

On the other hand, Bitcoin whales have been quietly accumulating. Those holding 1,000 or more BTC (roughly $26.9 million) have remained mostly flat over the same time period—albeit with a couple of sharp drops, perhaps due to the FTX collapse or profit-taking after a successful 2021 bull run. 

The apparent disparity in activity by whales led to a flurry of theories shared across social media, with prominent figures in the Bitcoin aisle seizing the chance to fire shots at its Ethereum community counterparts.

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Author: Pedro Solimano

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