Bitcoin, Ethereum Flash “Bottoming Out” Signal As Whale Transactions Hit Multi-Year Highs

That said, despite price ignoring key support levels, experts have mapped out various on-chain metrics that could prove crucial in rendering a price turnaround.

On Saturday, Santiment reported that Ethereum had recorded the highest number of transactions as prices tumbled towards the end of the week.

“On the Ethereum network, there were about 3.4 times as many transactions taken while coins were at a loss compared to in profit, on Friday.

In the past three or so months, BTC and ETH whales have been on a buying spree, stashing their coffers at every significant dip, ZyCrypto had reported.

Recent liquidations, in addition to Thursday’s, have also been seen to precede strong bull runs.

On the other hand, Bitcoin could slump to $31,000 before reaching June’s low of $28k, a highly coveted inflection zone.

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