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.
[adinserter block="1"]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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