On-chain data reveals what billionaire Ethereum and Bitcoin addresses are doing in 2022 market conditions. Currently, altcoin whales holding between 1-10 million ETH hold 21.6% of the current Ethereum supply. Let’s take a look at how Santiment interprets this data.
What are Ethereum and Bitcoin whales doing in the current circumstances?
Santiment, a cryptocurrency analytics firm, looks at accumulation and exit data to determine what’s next for Ethereum (ETH) and Bitcoin (BTC). Despite ETH’s recent price drop of nearly 20% last month, the biggest Ethereum whales continue to invest in the leading smart contract platform, according to the on-chain analytics firm:
Historically, Ethereum’s billionaire addresses (those with 1 to 10 million ETH) have shown good price alpha. These addresses now hold 21.6% of the total ETH. Despite the price drop, they have gathered 2.2% more supply in the last six months.
At the time of writing, Ethereum was trading at $2,745, up about 7%.
Large amounts of Bitcoin left the exchanges
The analytics firm is shifting to Bitcoin, the largest cryptocurrency, highlighting the continued trend of removing BTC from cryptocurrency exchanges. According to Santiment, exit fluctuations could signal a future price increase for BTC. The company said the following in its Twitter posts:
Bitcoin continues to see cryptocurrencies break out of exchanges despite their value at a 6-month low. Interestingly, BTC has moved more than exchanges in 21 of the last 26 weeks. Look for large exit fluctuations as a price increase signal.
After falling below $38,000 in two weeks, Bitcoin is rising marginally. BTC is currently trading almost 10% above $42,000.
Binance grows BTC balance by 120%
cryptocoin.com According to data obtained by Glassnode, Binance, the world’s largest cryptocurrency exchange by trading volume, has increased its Bitcoin balance by 120% in the last two years. According to Glassnode’s latest weekly report, Binance currently holds 22% of the total Bitcoin exchange reserves.
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