Long-term holders of Ethereum (ETH) have continued accumulating Ether while holders of Bitcoin (BTC) have been selling off their holdings. This divergence in behavior is attributed to new yield opportunities in Ether and the anticipation surrounding the upcoming ETF.
According to data from crypto intelligence tracker IntoTheBlock, Ethereum's long-term holders are refraining from selling, contrasting with Bitcoin holders who are taking profits on their investments. Typically, when long-term holders sell off their holdings, it suggests an expectation of future price declines, as seen recently with Bitcoin.
In contrast, Ethereum's long-term holders are demonstrating confidence in potential gains from the altcoin. The upcoming Ethereum ETF and opportunities for yield through staking and re-staking are viewed as catalysts driving this optimism.
Senior ETF analyst Eric Balchunas from Bloomberg predicts that flows and volume for Ether Spot ETFs could reach about 20% of those seen in Bitcoin Spot ETFs, which would be considered successful by standard ETF metrics.
As of the latest data, Bitcoin is trading above $64,000, while Ethereum is approaching $3,500 on Binance.
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