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 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.”
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