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Ethereum Whales Gobble Up $422,123,359 Worth of Ethereum (ETH) in Just 24 Hours, Says Crypto Analyst

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2 months ago

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A closely followed crypto analyst says deep-pocketed investors are loading up on the leading smart contract platform Ethereum (ETH).

Citing data from crypto analytics firm Santiment, trader Ali Martinez tells his 129,100 followers on the social media platform X that Ethereum whales accumulated over $422 million worth of ETH in just one day.

“Whales bought another 190,000 Ethereum ETH in the last 24 hours, shows data from Santiment!”

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Source: Ali Martinez/X

At time of writing, ETH is worth $2,221.

Looking at Bitcoin (BTC), Martinez identifies crucial support and resistance levels for the crypto king based on investor cost basis.

“The strongest resistance for Bitcoin BTC sits at $97,828.56, where 360,470 BTC were accumulated. Meanwhile, the biggest support is at $64,078.53, backed by 194,530 BTC.”

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Source: Ali Martinez/X

At time of writing, Bitcoin is trading for $86,356.

Turning to the top memecoin Dogecoin (DOGE), the analyst says the altcoin is currently respecting a key support level at $0.185.

“Dogecoin DOGE holds above a critical support level!”

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Source: Ali Martinez/X

At time of writing, DOGE is worth $0.206.

As for the payments altcoin XRP, the crypto strategist says that the fourth-largest coin by market cap may drop to as low as $1.65 as it trades within an ascending channel.

Image
Source: Ali Martinez/X

An ascending channel is a pattern suggesting that an asset is in an uptrend as it respects the diagonal support and resistance levels of the structure.

At time of writing, XRP is trading at $2.24.

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Bitcoin Price Holds Steady, But Futures Sentiment Signals Caution

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1 hour ago

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April 17, 2025

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According to a recent CryptoQuant Quicktake post, while Bitcoin (BTC) has seen a steady rise in price from November 2024 to February 2025, sentiment in the cryptocurrency’s futures market has not shown a corresponding uptick.

Bitcoin Futures Sentiment Index Signals Caution

Bitcoin’s price surged from approximately $74,000 in November 2024 to a peak of $101,000 by early February 2025. However, following US President Donald Trump’s tariff announcements, risk-on assets – including BTC -have experienced a significant pullback.

After hitting a potential local bottom of $74,508 earlier this month on April 6, the apex cryptocurrency has recovered some of its recent losses. The top digital asset is trading in the mid $80,000 range at the time of writing.

Despite this recovery, BTC’s futures sentiment has continued to decline since February. Even as the price holds near local highs, sentiment in the futures market has notably cooled.

CryptoQuant contributor abramchart highlighted this divergence, noting that it could indicate increasing caution or profit-taking behavior despite the ongoing bullish trend. The analyst commented:

This indicates a cooling interest or increased fear in the futures market, possibly due to macroeconomic uncertainty, regulatory concerns, or expected corrections.

A look at the BTC futures sentiment index shows a resistance zone around 0.8 and a support level near 0.2. The index is currently hovering around 0.4, pointing to a predominantly bearish sentiment across futures markets.

cq
The BTC Futures Sentiment Index currently hovers around 0.4 | Source: CryptoQuant

Similarly, Bitcoin’s average price has steadily declined from its early 2025 highs. It is now ranging between $70,000 and $80,000, signalling possible market indecision amid heightened tariff tensions.

According to abramchart, if futures sentiment remains low, BTC could face extended price consolidation or even downward pressure in the near term. However, any emerging bullish catalyst could quickly shift the sentiment and renew upward momentum.

Is BTC Close To A Momentum Shift?

Some analysts believe Bitcoin may be nearing a breakout. After consolidating in the mid-$80,000s for several weeks, on-chain metrics suggest BTC may be undervalued at current levels. Indicators such as BTC exchange reserves and the Stablecoin Supply Ratio support this view.

In addition, momentum indicators like Bitcoin’s weekly Relative Strength Index have begun to break out of a long-standing downward trendline – raising hopes for a potential bullish rally back toward $100,000.

However, several risks still remain. The recent appearance of a ‘death cross’ on BTC’s price chart – combined with persistent macroeconomic concerns related to trade tariffs – could still weigh heavily on market sentiment. At press time, BTC trades at $83,917, down 1.8% over the past 24 hours.

bitcoin
BTC trades at $83,917 on the daily chart | Source: BTCUSDT on TradingView.com

Featured image from Unsplash, Charts from CryptoQuant and TradingView.com



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Panama City Approves Bitcoin And Crypto Payments For Taxes, Fees, And Permits

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1 hour ago

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April 17, 2025

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In yet another milestone for Bitcoin adoption in Latin America, the Panama City Council has voted to approve the acceptance of Bitcoin and other digital currencies for municipal services, making it the first public institution in the country to do so.

The news was announced by Panama City Mayor Mayer Mizrachi on X (formerly Twitter), who stated:

“Panama City council has just voted in favor of becoming the first public institution of government to accept payments in Crypto. Citizens will now be able to pay taxes, fees, tickets and permits entirely in crypto starting with BTC, ETH, USDC, USDT.”

This decision sets Panama City on a more progressive path, enabling residents to interact with their local government using Bitcoin for everyday transactions. Mizrachi also explained how this was achieved without the need for new legislation, a hurdle that had stalled previous efforts.

“Prior administrations tried to push a bill in the senate to make this possible, but we found a simple way to do it without new legislation. Legally, public institutions must receive funds in $, so we partner with a bank who will take care of the transaction—receiving in crypto and convert on spot to $. This allows for the free flow of crypto in the entire economy and entire government.”

The Panama City Mayor’s Office further confirmed the news on its official social media channels, saying:

“We will soon become the first public institution in the country to allow payment for municipal services in cryptocurrency, through an authorized bank that will be responsible for converting the proceeds into dollars for the Mayor’s Office.”