Bitcoin has been on an upward trajectory this week, with its price pushing toward the crucial $110,000 mark.
However, sustaining this momentum could prove challenging, as it has been for the last two months. Whales appear to be taking profits, which may impact Bitcoin’s ability to maintain these gains.
Bitcoin Whales Sell Heavily
Whale activity has been notable in recent days, with addresses holding between 1,000 BTC and 10,000 BTC, selling off significant portions of their holdings.
In the past week alone, these whales have sold over 40,000 BTC, valued at more than $4.3 billion. This selling pressure is likely a response to Bitcoin’s recent price rise, as these large holders may be uncertain about the sustainability of the rally.
This type of selling by whales can be detrimental to Bitcoin’s price, as it creates bearish pressure when such large volumes are sold at once. The impact of whale selling could prevent Bitcoin from maintaining its upward momentum.
In addition to whale selling, the Liveliness metric, which tracks the frequency of Bitcoin transactions, has seen a sharp uptick this week.
A rising Liveliness typically signals that long-term holders (LTHs) are moving their assets instead of holding them. This shift suggests that LTHs are opting to sell their holdings rather than accumulate, which mirrors the actions of the whales.
LTHs, with their significant influence over Bitcoin’s market, are likely to have a pronounced effect on price movements. If they continue to sell, it could lead to further volatility and potentially limit Bitcoin’s price recovery.
Bitcoin’s price has risen by 7% in the last 24 hours, reaching $108,145 at the time of writing. The cryptocurrency is currently attempting to establish $108,000 as a solid support level.
However, the ongoing selling by whales and the shift in LTH behavior make it susceptible to falling back below this level.
If Bitcoin fails to secure $108,000 as support, the next support level could be around $105,622, with a further decline potentially pushing the price down to $102,734.
The impact of whale selling and LTH behavior may drive this downward movement if the market sentiment turns more bearish.
On the other hand, if institutional demand continues to rise and outpaces the selling pressure from whales and LTHs, Bitcoin could break through the $109,476 resistance.
A strong push past this level would pave the way for Bitcoin to reach $110,000, which would invalidate the current bearish thesis and continue the upward momentum.
Over the past few months, Ethereum has experienced a significant decline in user activity on its blockchain. This slowdown has reduced the network’s burn rate—a mechanism that helps decrease ETH supply over time.
With fewer tokens being burned, ETH’s circulating supply has risen, putting inflationary pressure on the asset. As a result, the coin has struggled to maintain a stable price above the $2,000 level in recent months.
Low Burn Rate Equals More Coins in Circulation
According to Ultrasoundmoney, 72,927 ETH, valued at $134 million at current market prices, have been added to ETH’s circulating supply in the past month alone.
At press time, this sits at 120,730,199 ETH, significantly above pre-merge levels.
This increase in ETH’s supply is driven by a decline in user activity on the Ethereum network, reducing its burn rate. Ethereum’s burn mechanism, introduced through EIP-1559, destroys a portion of transaction fees to reduce the circulating supply of ETH.
However, this mechanism is directly tied to network usage. So, when fewer transactions occur like this, less ETH is burned, resulting in ETH’s supply spiking.
According to Etherscan, the daily amount of ETH burnt has dropped by 95% year-to-date. In fact, the network recently recorded its lowest amount of coins burnt in a single day on April 20.
Many users and developers are migrating from Ethereum to Layer-2 (L2) solutions like Optimism and Arbitrum. These networks offer significantly lower transaction fees and faster execution, reducing user activity on Ethereum’s mainnet.
For example, as of April 30, the average transaction fee on Optimism’s mainnet was just $0.024. By contrast, completing a transaction directly on Ethereum cost users an average of $0.18 on the same day, which is over seven times more expensive.
Optimism Average Transaction Fee. Source: Dune Analytics
Moreover, thanks to the recent meme coin mania, “Ethereum killers,” such as Solana, have gained significant traction over the past few months, drawing users away from the L1.
Together, these trends have led to a decline in Ethereum’s transaction count, hence the network’s low burn rate.
How Do Ethereum’s Fundamentals Stack Up?
The drop in Ethereum’s user demand and the subsequent rise in ETH’s supply have raised important questions about the strength of its fundamentals.
When asked how Ethereum currently compares to other Layer-1 (L1) networks amid broader market weakness, Vincent Liu, Chief Investment Officer at Kronos Research, offered his perspective.
“Ethereum’s fundamentals remain strong relative to other Layer 1s, particularly when you consider its total value locked (TVL) of $368.921 billion, which positions it at the top of the leaderboard,” Liu said.
Although Liu acknowledged that Ethereum ranks fifth in 24-hour fees, behind Tron, Solana, HyperLiquid, Bitcoin, and BNB Chain. He emphasized that the network still “demonstrates significant demand and usage.”
Temujin Louie, CEO of Wanchain, shares a similar perspective. While speaking with BeInCrypto, Louie noted:
“Compared to other Layer 1s, fundamentals remain Ethereum’s strength. Unlike many Layer 1s with aggressive inflation as part of their design, Ethereum’s post-merge architecture makes it potentially deflationary. However, the benefits of EIP-1559 depend on on-chain activity. Nevertheless, this is a structural advantage over most competing Layer 1s.”
While increased activity across Layer-2 (L2) solutions and “Ethereum killers” like Solana may have contributed to a decline in user demand on Ethereum itself, Louie believes that the L1 network “remains a leader in decentralization and has a near-unmatched track record that continues to secure its place in the market.”
What About ETH Price?
Even with strong fundamentals, declining activity on Ethereum poses challenges for ETH in the short- to mid-term. Commenting on this, Liu explained that lower network activity generally signals weaker demand for ETH.
At the same time, increased coin issuance on the network undermines Ethereum’s deflationary model, which was designed to support price appreciation.
“This combination could result in bearish price movements,” Liu warned, “especially as investors look to alternative Layer 1s offering better scalability and lower fees.”
Kadan Stadelmann, CTO of Komodo Platform, also highlighted the role of macroeconomic factors:
“If Ethereum experiences an extended decrease in usage, the price could fall considerably depending on how much use drops, especially if the Fed continues its policy of quantitative tightening compared to quantitative easing. Short-term, this could mean price drops down to the $2,000 range. If the trend continues, however, then Ethereum could find itself in a prolonged consolidation period or outright downtrend.”
ETH Eyes $2,000 Breakout Amid Strengthening RSI
ETH currently trades at $1,834, noting a 1% price dip over the past day. Despite the brief pullback, the bullish pressure in the coin’s spot markets continues to strengthen, reflected by the coin’s climbing Relative Strength Index (RSI).
At press time, this momentum indicator is at 57.68. ETH’s RSI readings signal growing bullish conditions. This indicates that the altcoin has room for upward movement if buying pressure increases.
In this scenario, its price could break above $2,027.
Dutch Blockchain Week 2025 is just around the corner, marking one of Europe’s most anticipated events in the blockchain and Web3 space. Now in its sixth edition, Dutch Blockchain Week has become a must-attend moment on the calendar for global crypto and Web3 experts and enthusiasts alike. While many are drawn to the 20+ high-profile side events—rivaling the scale of Token2049 and hosted by leading exchanges like Bitvavo, Bybit (powered by SATOS), and others—the spotlight of the week is on the Dutch Blockchain Week Summit.
This two-day flagship conference will be held on May 21–22 at De Meervaart in Amsterdam, serving as the central meeting point for partners, policymakers, and key industry players. So, what can you expect from this year’s DBW summit?
A Lineup of Global Speakers from Across the Industry
The Dutch Blockchain Week Summit goes beyond the typical echo chamber seen at conferences. Instead of fixating on one segment of the market, the Dutch Blockchain Week invites speakers from across the industry including regulatory bodies like the EU, tier 1 exchanges, the most renowned funds and more.
Some sneak peak of the speakers:
Constantijn van Oranje – Techleap
Sjuul Follings – AltcryptoGems
Brian Gahan – Kraken
Eoin Kearns – Moonpay
Meyade Curfs – Bybit
Mark Jennings – Gemini
With more names to be announced soon, the speaker lineup is becoming one of, if not the most dynamic and influential in the European blockchain conference list.
The range of expertise extends into the interactive breakout sessions during the summit days. Day 1 from 11:55 to 12:55 and day 2 from 12:20 to 13:20, attendees from every corner of the industry can find value in the breakout sessions. Breakout sessions will happen between keynotes and fireside discussion with the full overview being provided during the event.
Interactive Exhibition Zone
A highlight of the summit is the dedicated exhibition area, giving Dutch Blockchain Week partners the opportunity to connect with attendees in an open, accessible setting at De Meervaart, Amsterdam. The space is designed for discovery, networking, and meaningful conversations—whether you’re looking for new, potential collaborators, or simply want to explore what leaders in the industry are doing.
Startup Pitch Arena & Dutch Blockchain Awards
New to DBW25, the Startup Pitch Arena gives emerging blockchain startups the opportunity to pitch live on stage in front of leading venture capitalists, ecosystem builders, and media. It’s a unique chance to gain visibility, receive valuable feedback, and connect with the right partners to scale their ideas.
The excitement continues with the return of the Dutch Blockchain Awards, celebrating outstanding contributions across the ecosystem. This year’s award categories include:
Best Newcomer Award
Best KOL Award
Best Fund Award
Impactful Person Award
Meaningful Education Award
BCNL Community Award
Best Media Platform
Best Exchange / Broker
With both recognition and real opportunities on the line, these two programs are set to be major highlights of the Summit—spotlighting both rising talent and established leaders shaping the future of Web3.
All Summit attendees will enjoy free lunch and refreshments on both days—because big ideas need fuel. Whether you’re discussing tokenization policy over sandwiches or networking during a coffee break, the shared lunch setup ensures attendees stay energized and engaged throughout the day.
Backed by Industry Leaders
This year’s event is powered by partnerships with industry giants. Bitvavo takes center stage as Main Partner, supported by a powerful lineup including:
Bybit (powered by SATOS)
OKX
Coinbase
Kraken
Fireblocks
Talos
VanEck
These partners will not only be present on the Summit floor but are also contributing to side events, speaker sessions, workshops, and activations throughout the week.
Final Countdown
Whether you’re attending for the keynotes, the networking, the startup exposure, or just to stay at the center of the action—Dutch Blockchain Week 2025 promises to be one of the most comprehensive Web3 experiences in Europe.Tickets are going fast! Only 2 weeks left to buy your ticket for the summit!
Visit the website to secure your spot at the Summit.
