The post Ethereum Price Largely Uncorrelated To Bitcoin, Why Whales Are Exiting? appeared on BitcoinEthereumNews.com.
Ethereum price exhibited minimal correlation with BTC indicated by a 30-day price correlation of just -0.04. This detachment suggested that ETH’s movements were independent from Bitcoin’s. This allows it to follow its own price dynamics. Meaning while BTC might experience fluctuations, Ethereum could remain stable or move in an opposite direction. DOGE, on the other hand, showed a stronger correlation to Ethereum with a value of 0.67. This implied that DOGE was somewhat aligned with ETH, possibly reflecting similar market reactions within the same periods. Avalanche (AVAX) and Shiba Inu (SHIB) display notable correlations of 0.93 and 0.79, respectively, with Ethereum. – Advertisement – ETH correlations | Source: IntoTheBlock These strong correlations indicated that as Ethereum’s price trends or shifts, similar patterns were likely in the altcoins, possibly due to overlapping technological similarities. Tether (USDT) showed a negative correlation of -0.39 with Ethereum, highlighting its role as a stablecoin generally moving inversely relative to the volatility in the cryptocurrency market. The impact of Bitcoin’s minimal correlation with ETH could be beneficial during times of BTC’s price decline, as ETH may not necessarily follow, possibly maintaining its value or even appreciating. If ETH does not correlate with a rising Bitcoin, it might miss out on potential gains driven by general market uplifts. Whale Move Massive ETH Position Over the past week, a whale address labeled “machibigbrother.eth” executed significant transfers, depositing a total of 4,413 ETH to Binance, valued at approximately $13.84M. These transactions occurred at intervals, with the largest single deposit being 1.385K ETH worth $4.31M. This was followed by deposits of 1K ETH each four and six days ago, valued at $3.1M and $3.06M respectively, and finally 1.027K ETH worth $3.36M also six days ago. This pattern of substantial deposits typically indicated preparatory steps for selling, which could exert downward…