On-chain analysis firm Santiment says the top 200 Ethereum (ETH) holders went on a massive buying spree last year. He says these whales have collected over $2.9 billion in value from ETH. Meanwhile, Santiment states that after the Binance events, BNB holders switched to the native token of the collapsed FTX. In the midst of this transition, the FTT price is rising.
Whales continue to accumulate ETH at full speed!
cryptokoin.comAs you follow from , the market is trying to absorb the shock waves of recent days. In this environment, some tokens come to the fore while others remain in the background. Crypto whales continue to accumulate some of them at full speed. According to on-chain analytics platform Santiment, the top 200 ETH whales currently hold more than 62 million ETH, worth approximately $124.1 billion. Additionally, this figure increased by approximately 14.5 million ETH compared to the same period last year. Santiment states that Monday was the largest increase in ETH wallets created since July. In this context, the analytics platform shared the following evaluation accompanied by a graphic:
The top 200 Ethereum wallets currently hold 62.76 million ETH, worth approximately $124.1 billion. These wallets have accumulated 30.3% more coins since November 21, 2022. Additionally, 94,700 new ETH wallets were created yesterday. This figure was the highest increase since July.
A BNB bounce is likely due to Trader FUD!
Santiment then says that broader crypto markets fell following the Binance news. In this regard, Santiment said, “The bombshell news of Changpeng Zhao’s resignation after the DOJ found him guilty of money laundering and fraud still continues to affect the mainstream. Altcoins are being extra volatile. Depending on how much FUD this causes, dip buying opportunities may arise.” says.
The analytics platform notes that Binance’s ecosystem native token, Binance Coin (BNB), is among the hardest hit. In this regard, Santiment said, “BNB is among the altcoins most affected by the news about CZ’s resignation as CEO. However, if a rapid reputation recovery occurs for crypto’s number one exchange, a BNB bounce would be likely based on this level of trader FUD.” He comments.
BNB holders are exchanging their tokens for FTT, FTT is on the rise
Santiment suggests that a decline in altcoins had already begun before the Binance news. The firm also states that some BNB holders are exchanging their coins for FTX’s native token, FTT. In this context, Santiment makes the following statement:
While many see the Binance news as the main culprit for one of the biggest pullbacks of the year, the truth of the matter is that altcoins have already seen their market caps shrink. Interestingly, it appears that some investors are exchanging their BNB for FTX’s FTT.
Meanwhile, the price of FTT, the native token of the collapsed FTX, is rising, supporting the Santiment view. Meanwhile, BNB is changing hands at $233, with a horizontal trend on its daily chart. However, FTT increased by approximately 13% on a daily basis. The altcoin gained nearly 40% in value in the weekly time frame.
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