The cryptocurrency market is leaving behind a troubled November. While the market lost great value in the process that started with the bankruptcy of the giant crypto exchange FTX, investors questioned the transparency of the platforms. The effects of the crypto market concussion are just emerging in on-chain data.
On-chain analytics platform Santiment has found that Ethereum whales continue to accumulate during this panic process. According to Santiment analysts, Ethereum whales do not seem to mind the panic in the market.
Analysts pointed out that a similar accumulation last occurred in 2020, after which Ethereum gained 50% in value within weeks.
“As of November, Ethereum whales started accumulating again. Whales bought 1.9% of the Ethereum supply in 3 weeks.”
In the accumulation experienced in 2020, wallets with 100 to 100,000 ETH bought 2.1% of the total supply within 5 weeks. After the accumulation, Ethereum gained 50% in value.
According to another finding by Santiment researchers, Ethereum whales added $1 billion worth of ETH tokens to their wallets in just one day this week.
Stablecoins Head to Arbitrum
Interest in smart contract platform Ethereum’s layer-2 solution Arbitrum continues to grow. Santiment researchers explained that investors now attach much greater importance to decentralization.
According to the latest data, some of the stablecoins traded on Ethereum are flowing into Arbitrum. Stablecoin activity on the Arbitrum network has doubled recently.