Recently, there has been a rise in Ethereum wallets alongside a decrease in Bitcoin wallets. Blockchain data suggests this could signal the beginning of an altcoin cycle.
Decrease in Bitcoin Wallets
According to data presented by Santiment, the number of wallets holding at least 1,000 Bitcoins has decreased by 1.61% over the past two weeks. This decline is notable against the backdrop of rising interest in Ethereum.
Increased Interest in Ethereum
Conversely, the number of wallets holding at least 10,000 Ethereum increased by 8%. Analyst Ali Martinez reported that major Ethereum holders accumulated over 220,000 ETH, valued at approximately $840 million, in just 48 hours. This has led to speculation about potential capital rotation from Bitcoin to Ethereum.
Comparison of ETH and BTC Dynamics
CryptoQuant data confirms that Ethereum's price increase is not driven by significant Bitcoin sales. Additionally, Bitcoin's capitalization has reached a record $1.018 trillion, indicating strong new capital inflows. While Bitcoin experiences strong institutional demand, Ethereum's growth appears to be fueled by new investments.
Thus, the current situation reveals a paradox: despite a decrease in Bitcoin wallets, Ethereum is gaining more and more investors, potentially signaling the start of a new phase in the cryptocurrency landscape.
