Massive crypto whales are gobbling up one digital asset as the crypto markets move sideways, according to crypto analytics firm Santiment.
Santiment notes on Twitter that the top-10 largest non-exchange Ethereum addresses now hold 24.78 million worth of Ethereum (ETH), a trove that’s worth more than $96.33 billion at time of writing.
That total is close to the all-time high for the ten largest non-exchange ETH addresses, which held a record of 26.63 million ETH in June 2016, according to the crypto analytics firm.
Santiment also notes that the ten largest Ethereum addresses on exchanges hold a cumulative 3.82 million ETH, which is “the lowest level since exodus.”
The firm explains that the two metrics taken together could be a bullish indicator for the long term.
“This implies greater long-term hodler and trader confidence in Ethereum’s long-term value, the higher this ratio gets.
Good sign long-term, neutral sign short-term.”
Ethereum is trading at $3,839.09 at time of writing, up about 1.5% in the past 24 hours.
Ethereum isn’t the only crypto asset leaving exchanges: the total supply of Bitcoin (BTC) on exchanges recently hit its lowest total in 31 months, which Santiment says limits the risk of a major BTC selloff.
The analytics firm also notes that Ethereum competitor Solana (SOL) has been “leading the way in development activity among top cap crypto projects.”
“Solana (SOL) has been leading the way in development activity among top cap crypto projects and has surpassed the also impressive daily Github submission rates of Polkadot (DOT) and Cardano (ADA) over the past month.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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