Bears remain in control of the market. #Bitcoin has dropped below $29,000 while #ETH has dropped $2,000. What does on-chain analysis have to say?
Let’s take a look. 🧵👇
Usually, I post a roundup on Fridays, but something very interesting happened this week that caught my eye.
Let’s take a look at the (erstwhile) 3rd richest #Bitcoin whale. 👇
This is FUD.
This one is just an internal transfer to "1LQoW..." which might be a cold wallet or custodian wallet, highly likely owned by @Gemini.
What's obvious is that it's not a user deposit to exchange hot wallets for selling $BTC. Not at all.
Total $ETH deposited in the 2.0 contract has now surpassed 13M $ETH, which is 10.9% of circulating supply.
Lido accounts for 4.137M $ETH, commanding over 31.8% of the total stake.
By comparison, Coinbase, Kraken, and Binance combined account for 3.505M $ETH, 27% of the total.