BlitzzTrading

A second profit-taking has come from ETH whales! They’ve now completed 2 profit-taking. These data indicate that accounts holding over 100K ETH are distributing, which suggests the price may not be aiming for much higher levels.  

Compared to previous rallies, we can see that whales have taken significantly less profit during this recent surge. This could indicate that the upward trend may continue. This chart should be monitored closely.  

In the past week, we've seen a rise of over 50% in ETH, and the price has moved above the average cost basis of ETH holders. Typically, even in a bull market, after surpassing these averages, the price may revisit these levels. The average cost bases of ETH holders based on wallet size are as follows: Balance 100–1k: $2,225 Balance 1k–10k: $2,196 Balance 10k–100k: $1,994 Balance 100k+: $1,222  

In this post, the price drop following profit-taking by ETH whales (wallets holding 10k+ ETH) stands out. It is particularly significant that after Ethereum reached $4,000, profit-taking led to a decline in price down to around $1,300. I believe it will be beneficial to continuously monitor this metric going forward.  

Bitcoin whale activities have been quite intense over the past week. They have started to realize their losses or profits during this time. Realizing losses is often accompanied by fear in the past, but profit-taking usually leads to a downward trend in prices. An increase in these profit realizations by whales could indicate that Bitcoin may experience a decline in the short term.  

Unlike Bitcoin, Ethereum has its own unique dynamics and is generally more volatile, making it a bit more challenging to predict declines. However, by examining historical data, we can see that after profit-taking by wallets holding more than 100,000 ETH, there tends to be a drop in Ethereum prices. Therefore, selling when they sell and buying when they are at a loss might mean we can profit as well.  

When we examine historical data, we see that the price of Bitcoin has never fallen below the cost average of wallets holding more than 10,000 BTC. Even during bear markets, the cost average of wallets with over 10,000 BTC has acted as a support level. Since March 3rd, we have observed significant purchases from accounts holding more than 10,000 BTC, and currently, their average is at 39,874. Even if we enter a bear market, the 39,874 level could serve as an excellent support.  

ETH Realized Price Realized prices generally show us the average costs of investors. In this post, I will discuss the average costs of whales and smaller investors. In the chart, you see four colored averages, each representing a different balance amount: Pink Balance 100+: ETH Cost: $1,318 Green Balance 10k - 100k: ETH Cost: $1,868 Yellow Balance 1k - 10k: ETH Cost: $2,122 Purple Balance 100 - 1k: ETH Cost: $2,195 As we can see, there are three averages between $1,868 and $2,195, with whales having costs that are different from the others. Looking at historical examples, Ethereum realized prices had previously approached the $1,500 level several times before rising. Currently, ETH realized prices have approached these levels twice. If they approach again (between $1,868 and $2,195), it could represent a good buying opportunity.  

Bitmex exchange, approximately 10 years old, houses a significant number of whales. Following sharp increases in Ethereum reserves, noticeable decreases in ETH price are observed. Additionally, on September 28, there was a sharp decline in Bitmex exchange reserves, followed by an increase in ETH price. This can be interpreted as follows: When Bitmex Ethereum whales buy through Bitmex, we observe a decrease in reserves. Conversely, when they sell, we see an increase in Bitmex reserves.  

After the entries of Link Coin into derivative exchanges, we have mostly witnessed an increase in the price. This data indicates the potential for this coin to be in a long position. Can we consider the possibility of another rise in the next entry?