crypto analytics firm centimentAs crypto markets move sideways, huge crypto whales “sweep” a digital asset so to speak, according to .
Posting on Twitter, Santiment stated that the top 10 Ethereum addresses over-the-counter are currently worth 24.78 million. Ethereum(ETH), which is worth more than $96.33 billion at the time of writing.
This total, according to the crypto analytics firm, is the ten largest exchanges that broke a record 26.63 million ETH in June 2016. ETH near an all-time high for the address.
Santiment also notes that the ten largest Ethereum addresses on exchanges have a cumulative 3.82 million ETH, which is the “lowest level since launch.”
The firm explains that the two measurements taken together can be bullish indicators in the long run. According to the firm, the increase in long-term investors in the altcoin is an important sign of increasing trader confidence, and as a result, it is very likely to rise in the long term. But while this works for the long term, it has a “neutral” meaning for the short term.
At the time of writing, Ethereum is trading at $3,839, up about 1.5% in the last 24 hours.
Ethereum isn’t the only crypto asset leaving the exchanges: The total supply of Bitcoin (BTC) on exchanges has recently hit a 31-month low, and Santiment thinks it limits the risk of a large BTC sell-off.
The analytics firm further states that Ethereum competitor Solana (SOL) “has led development activity among top crypto projects.”
“Solana (SOL) leads the way in development among top crypto projects and surpassed the impressive daily Github submission rates of Polkadot (DOT) and Cardano (ADA) last month.”
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