Whales Accumulate Massive Amounts of Ethereum, Says Santiment
According to blockchain analytics platform Santiment, crypto whales are accumulating significant amounts of Ethereum (ETH). The platform reveals that addresses holding at least one million ETH now own over 32% of the total supply, marking the highest level since 2016.
Santiment also notes that there has been an increase in big ETH transactions. The transactions valued at $1 million or more had their second-highest day in five weeks. This trend indicates that history is being made in the Ethereum market.
Stablecoin Activity Surges Amid False ETF Approval News
Santiment has observed a surge in stablecoin activity following false news claiming that the US Securities and Exchange Commission (SEC) approved a Bitcoin (BTC) exchange-traded fund (ETF). Tether’s largest wallets experienced significant accumulation spikes during this period. The top 10 wallets are now holding a quarter of the entire USDT supply, and the on-chain transaction volume for the stablecoin reached a two-month high.
Altcoins Plummet as Reddit Ends Blockchain-Based Program
In addition, altcoins used for tipping on Reddit saw a sharp decline after the social media platform announced the end of its blockchain-based Community Points program. Tokens like MOON and BRICK experienced significant drops in value within a few hours. Reddit users expressed dissatisfaction with CEO Steve Huffman’s decision to sunset community points.
Hot Take: Whales’ Growing Influence on Ethereum Market
Santiment’s data highlights the growing influence of crypto whales in the Ethereum market. With addresses holding at least one million ETH accumulating a substantial portion of the total supply, it suggests that these whales have confidence in Ethereum’s long-term prospects. However, this concentration of wealth raises concerns about market manipulation and centralization. As whales continue to accumulate ETH, it remains essential for retail investors and traders to closely monitor their actions and make informed decisions based on market trends and analysis.
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