Blockchain analytics platform Santiment says that crypto whales are accumulating massive amounts of Ethereum (ETH).
Santiment says that addresses holding at least one million ETH have accumulated more than 32% of the total supply, the most since 2016.
The firm also says big ETH transactions are heating up.
“Ethereum’s whale addresses in the billionaire tier (holding at least one million ETH) now hold 32.3% of the available supply for the first time since 2016. Yesterday’s transactions valued at $1 million-plus also had its second-highest day in five weeks. History is being made.”
ETH is trading for $1,572 at time of writing.
Santiment also noticed that stablecoin activity picked up Monday after a news site falsely claimed the U.S. Securities and Exchange Commission (SEC) approved a spot market Bitcoin (BTC) exchange-traded fund (ETF).
“Tether’s largest wallets had big accumulation spikes during yesterday’s crypto fireworks. The top 10 largest wallets are back to holding a quarter of the entire USDT supply, and the top stablecoin’s on-chain transaction volume hit a two-month high.”
Lastly, Santiment said that altcoins used for tipping users on Reddit plummeted in value after the social media platform announced it was ending the three-year-old blockchain-based Community Points program.
“Reddit’s community is expressing disdain toward its CEO [Steve Huffman, known as “u/spez” on Reddit] and the choice to sunset community points [and] toward MOON, BRICK, DONUT, and others commonly earned through insight contributions and peer tipping. Moon plummeted as much as -89.9% in bout three hours.”
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE-3
The post Whales Holding at Least $1,572,000,000 in Ethereum Now Own Nearly 33% of Total ETH Supply, Says Santiment appeared first on The Daily Hodl.
