Data from crypto analytics platform Santiment shows that major addresses have accumulated around $20 million in GMX since the collapse of FTX. Also, the data reveals that smart money has topped the holding of the leading altcoin Ethereum (EHT).
GMX whales keep accumulating altcoins
Crypto trader Ali tweeted this morning that Arthur Hayes was not the only one to buy GMX. Data released by Lookonchain on February 6, 2023 showed that Arthur Hayes owns over 200,580 GMXs and is the largest accumulator of GMX. This share of the trader came after Lookonchain published the data.
Ali adds in his post that on-chain data from blockchain analytics firm Santiment shows that wallets between 100K and 1M GMX have purchased 10 million tokens since the collapse of GMX. According to the tweet, the total amount of GMX purchased by these addresses is worth about $20 million. He also states in the post that GMX accumulation by these addresses does not seem to be slowing down.
According to CoinMarketCap, the price of GMX has dropped by 1.95% in the last 24 hours. During this time, the price of GMX also weakened by 1.66% and 1.36%, respectively, against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH). As a result, the GMX is changing hands at $72.86 at the time of writing.
The price of GMX fell below the positive trend line formed on the daily chart of GMX on February 10, 2023. Also, the altcoin price is currently resting at the key support level near $71.57 alongside the 20-day EMA line. The technical indicators on GMX’s daily chart are currently bearish and the 9-day EMA line is closing the gap between itself and the 20-day EMA line on the downside. The daily RSI line is also positioned below the RSI SMA line and slopes negatively towards the oversold zone.
Whales are collecting ETH like crazy!
Ethereum resumed its recovery run after witnessing a heavy drop in 2022. cryptocoin.comAs you follow, Ethereum price has increased by about 37% in the last 60 days. However, the latest report suggests that the crypto market may be on the verge of progress. According to a report by Santiment, Ethereum has been under the radar since the beginning of 2023. ETH continued to break its 7-year record over the weekend without making much noise, with the top 10 non-swap addresses crossing 25 million ETH. This is the first time since 2016, and it directly shows the whales in motion.
But some experts are expected to call this move ETH centralization. According to the data, on February 26, 2023, the largest exchange address was holding about 7.41 million Ethereum. Santiment also notes that the number of major whale addresses is in a steady decline. The data shows that there are only 124 addresses holding 100k or more Ethereum. This was recorded as the lowest level since November 2018. This statistic peaked at 176 in July 2019.
Leading altcoin price on the rise
Ethereum price has increased by about 37% in the last 60 days. ETH is trading at an average price of $1,640 at press time. 24-hour trading volume increased 14% to $7.05 billion. However, it is about to surpass the $200 billion market cap level.
The Santiment report also notes that ETH spent appears to be dominant at the moment. The data shows that as of now, it is expanding its lead over Wrapped ETH, USD Coin (USDC) and Tether (USDT). However, the increase in USDT and USDC Ethereum spent is a good sign for the markets, according to experts. Because this may indicate that the crypto market is on the verge of recovery.
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