Blockchain analysis company IntoTheBlock pointed out in an article released on Sunday (23rd) that there is an intriguing divergence between Bitcoin (BTC) long-term holders and Ethereum (ETH) long-term holders. Data shows that Bitcoin long-term holders started selling off in January this year, while Ethereum long-term holders continued to accumulate tokens, forming a stark contrast with their behavior in the previous cycle.
IntoTheBlock explained that long-term holders start selling their accumulated assets as prices rise, and this profit-taking behavior typically begins in the early stages of a bull market and continues until after the peak of the cycle. Monitoring this activity helps to more accurately estimate market peaks.
Given Bitcoin’s significant impact on other aspects of the market, it is often used to measure the most direct assets of these cycles, as other cryptocurrencies tend to follow the trend of Bitcoin. However, the data tracked by IntoTheBlock shows that Ethereum long-term holders have taken a different path this year.
IntoTheBlock believes that this shift may be due to the many profit opportunities that have emerged in Ethereum, making holding Ethereum more profitable. The platform then wrote:
IntoTheBlock also stated that Ethereum long-term holders may be waiting for the approval of Ethereum spot ETFs and new all-time highs before deciding to sell.
The ETF Store President Nate Geraci stated over the weekend that all issuers of US Ethereum spot ETFs have submitted revised S-1 documents, awaiting further comments from the US Securities and Exchange Commission (SEC). Geraci believes Ethereum spot ETFs could be approved in the next two weeks, while Bloomberg ETF analyst Eric Balchunas predicts July 2nd as a potential approval date.
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