Key Points
- Bitcoin price fell below $68k as meme coins gained popularity and Mt. Gox moved over $9B worth of BTC.
- Bitcoin whales’ activity has declined, while Ethereum and XRP whales have accumulated significant amounts.
The price of Bitcoin (BTC) has dropped below $68k as traders have shifted their attention to the meme coin industry. Top meme coins such as Pepe, Floki Inu, dogwifhat, Bonk, and Turbo have experienced substantial gains recently.
The ongoing crypto debate in the United States has improved liquidity in the industry. Institutional investors now have more opportunities to invest in digital assets through spot Bitcoin ETFs.
Decrease in Bitcoin Whales’ Activity
Data analysis by Santiment shows that the number of Bitcoin wallets holding between 10 and 10K units has decreased by 0.4% in the last two months. Bitcoin transactions involving $100K or more have also been on a decline for the past three months.
However, this decline in Bitcoin whales’ activity is not necessarily a bearish signal as these whales haven’t been selling. Demand for Bitcoin continues to exceed the daily supply from miners globally.
Mt.Gox, a defunct cryptocurrency exchange, has recently moved over 141,686 Bitcoins to unknown addresses. This is the first activity from Mt.Gox in over five years.
Altcoins on the Rise
The recent dip in Bitcoin price has been seen as an opportunity for the altcoin industry. According to Santiment, Ethereum whales holding at least 10k units have accumulated over 21 million Ether units in the past 14 months. XRP whales with holdings of over 10M units have added around 3.2 billion units in the last 16 months.
The approval of spot Ethereum ETFs in the United States and Hong Kong has rekindled bullish sentiments for altcoins. Bitcoin’s dominance has signaled a potential macro reversal in the coming months, backed by a notable rebound in the ETH/BTC pair.
Meanwhile, the price of Bitcoin is expected to continue fluctuating between $61K and $72K until it can consistently rise above $74K.
