A Glassnode report discusses the behavior of cryptocurrency whales towards Bitcoin (BTC) and Ethereum (ETH). The report highlights fluctuations in whale positions, possibly influenced by events like the FTX exchange collapse and profit-taking after the bull run in 2021. Bitcoin proponents suggest that high-net-worth individuals (HNWI) are converting their Ethereum holdings into Bitcoin due to concerns about regulations. They view Bitcoin as “better money” and characterize Ethereum as complex and risky. However, experts have raised concerns about the interpretation of Glassnode’s data and its conclusions.
AI Sentiment: Positive