Whales Accumulate Bitcoin and Ethereum as prices test key supports

Large cryptocurrency holders have moved decisively into both Bitcoin and Ethereum this week, with onchain data showing whales added more than 10,000 Bitcoin in the past 24 hours and large Ethereum wallets buying hundreds of thousands of ETH over the last two to three days. The concentrated accumulation comes as both assets have pulled back to key technical support levels and trading activity remains elevated.

Onchain analytics shared by market observers show wallets holding between 1,000 and 10,000 BTC increased positions after a monthlong decline. The purchases coincided with a near 7 percent drop in Bitcoin over the prior week, leaving the price trading below 102,000 and 24-hour volume near 70 billion. Exchange Whale Ratio readings fell to roughly 0.40 to 0.45, the lowest in about a month, which signals fewer large transfers of BTC to exchanges for potential sale. A short-term holder profit and loss margin metric stood at about 11.16, a level that some analysts note has preceded trend reversals in recent years.

Technically, Bitcoin has reached its 50-week exponential moving average, a level that has supported price in past corrections, and the relative strength index is near...