Blockchain analysis platform Santiment says crypto whales are accumulating large amounts of Ethereum. He also notes that whale trading volume for the altcoin has risen to record levels. Meanwhile, it also draws attention to important developments in the market, such as Reddit’s latest move.
Santiment: Whales are making history for the leading altcoin!
On-chain analytics platform Santiment says that addresses holding at least one million ETH have accumulated more than 32% of the total supply. Additionally, the analytics platform underlines that this is the highest rate since 2016. In addition, Santiment states that large ETH transactions for the leading altcoin have also increased. In this context, the on-chain analytics platform shares the following statement accompanied by a graphic:
Whale addresses in Ethereum’s billionaire tier (holding at least one million ETH) hold 32.3% of the available supply for the first time since 2016. Yesterday’s transactions worth $1 million and above also experienced the second highest day of the last five weeks. History is being made.
Meanwhile, ETH was trading at $1,563 at the time of writing, down 0.46% on a daily basis. However, the leading altcoin gained more than 2% on a weekly basis. However, Ethereum’s monthly performance is not great. ETH remains in the red zone above 5% on its monthly chart.
Stablecoins surge with Spot Bitcoin ETF approval news
cryptokoin.comAs you follow from , there was turmoil in the market after a news site claimed that the U.S. Securities and Exchange Commission (SEC) had approved a spot market Bitcoin (BTC) exchange-traded fund (ETF). During this period, Bitcoin and most altcoins rose. Santiment noticed that stablecoin activity increased on Monday in this environment. The analytics platform evaluates this situation as follows:
Tether’s largest wallets experienced massive accumulation increases during yesterday’s crypto fireworks. The top 10 wallets started holding a quarter of the USDT supply. Additionally, the on-chain transaction volume of the largest stablecoin reached its highest level in the last two months.
These 3 altcoins crashed after Reddit removed Community Points
Finally, Santiment said that altcoins used to tip users on Reddit lost value after the social media platform announced it was ending its three-year-old Blockchain-based Community Points program. In this context, Santiment shared the following statement:
Reddit’s community expresses disdain for its CEO (Steve Huffman, known as “u/spez” on Reddit) and its community points and MOON, BRICK, DONUT, and others commonly earned through insight contributions and peer tips. MOON lost 89.9% in about three hours.
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