Kraken Exchange Reports Stark Contrast Between ETH and BTC

Other Exchanges News

  • Kraken Exchange has reported interesting contrasts between BTC and ETH during the volatile month of January.
  • BTC has decreased in users but increased in wallet holdings.
  • Meanwhile, ETH has increased in users but decreased in wallet holdings.

Kraken Exchange reports that cryptowhales took different approaches during the weak and volatile month of January. BTC and ETH users took diverging paths either in response to or directly affecting the weakness of the month.

Bitcoin (BTC) observed a downtrend of users; however, the remaining users took advantage of the already weakened January market to acquire even more BTC. The amount of BTC held by whale addresses rose from 7.916 to 8.013 million by January 31.

On the other hand, Ethereum (ETH) had an uptick of users but a downward trend of ETH holdings because of major dumping that resulted in the weakened market. The amount of ETH held by whale addresses fell from 81.286M to 81.241M by January 31.

Kraken Exchange observed that January was historically Bitcoin’s worst month. Similarly, Kraken states that January 2022 was BTC’s third-least volatile January since 2011.

Moreover, Kraken’s report takes note that BTC’s price action mirrored that of other classes where investors’ principle is at risk.

Currently, Bitcoin is trading at a decent price of more than $43,000 with a 7-day growth rate of 17.6%. It has a huge market capitalization of almost $827 billion. This market cap resulted in BTC being the leading crypto.

On the other hand, Ethereum is currently trading at a price of just about $3,000 with a 7-day growth rate of 16.6%. It has a market capitalization of $372 billion. This market cap resulted in ETH being the second lead in crypto.