Bitcoin and Ethereum have hit record highs one after another. What data behind them are worth paying attention to?

At the time of writing, Bitcoin and Ethereum have both hit new all-time records, and both cryptocurrencies are expected to hit new highs in the coming weeks.

In fact, the past month has been an impressive one for both cryptocurrencies in terms of price action.

Since the beginning of the month, Bitcoin has risen by more than 14% to 15%, while Ethereum has risen by an impressive 36%.

Now, what happens if Bitcoin breaks through $65,000 and Ethereum breaks through the $2,500 mark? What happens then? How much room is there for future price discovery, or are both cryptocurrencies headed for another price correction?

Data provided by Santiment shows some of the key drivers behind this new bullish momentum. The data shows a very clear surge in activity from the market’s largest whale accounts.

Santiment highlighted a number of instances where Bitcoin saw transactions worth more than $1 million.

In the case of Ethereum, while transactions above $100,000 are relatively rare, whale activity appears to have grown steadily over the past week.

The whales entering the two largest cryptocurrency markets with a bullish attitude could be very beneficial and could even drive further price growth, but it could also make the market more volatile and even lead to short-term price corrections.

Price levels above all-time highs are always susceptible to corrections, which has been seen previously when Bitcoin surpassed key levels.

However, investor confidence in Bitcoin’s long-term prospects has helped and enabled the asset to enjoy strong rallies, with the most recent drop to $52,000 levels and the return to levels close to $60,000 in the past few weeks being a prime example.

Additionally, data from Glassnode shows that the number of unspent transaction outputs (UTXOs) in seven-day profit has climbed to a new high of 121,531,015.327.

It is worth noting that the Puell Multiple, which takes into account the daily issuance value of Bitcoin (in US dollars) and divides it by the 365-day moving average of daily issuance value, hit a one-month low of 2.640. The last time such a low value appeared, it led to a surge in Bitcoin prices.

Bitcoin’s volume has also seen a significant increase in the past few days, and these fundamentals suggest that the price may make another attempt to break through the coveted $65,000.

However, this puts Ethereum at an interesting turning point. While the upward momentum and Bitcoin’s bullish aspirations remain unimpeded, Ethereum’s high correlation with Bitcoin has once again tied its fate closely to that of Bitcoin.

Although Ethereum has not seen a lot of activity from whales compared to Bitcoin, its price discovery after its all-time high may be stronger.

However, if we consider the general trend of the token market, it is impossible for Ethereum to be truly immune to a price correction once the price of Ethereum breaks through $2,500 if bearish sentiment re-emerges in the price of Bitcoin.