New data reveals crypto whale transactions are rising for two Ethereum (ETH)-based altcoins as the broader market rallies.
According to market intelligence platform Santiment, deep-pocketed investor activity is picking up for layer-2 altcoin Optimism (OP) and fan-focused crypto project Chiliz (CHZ).
“With crypto rebounding big [May 20th], keep an eye on the rising whale activity among many altcoins like Optimism and Chiliz. Sudden high on-chain activity among their largest traders typically will foreshadow major volatility and OP and CHZ reversals.”
Optimism is trading for $2.80 at time of writing, up more than 1% in the last 24 hours. Meanwhile, Chiliz is trading for $0.12 at time of writing, up 1.3% in the last 24 hours.
Santiment also noticed that Ethereum is the one crypto project attracting the most buzz on social media platforms as odds have increased for an Ethereum exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission.
“Ethereum is the top trending asset in crypto, according to X, Discord, Telegram, 4chan and Bitcoin Talk. Eyes are on the SEC’s decision to approve the first spot ETH ETF. Also, fear, uncertainty, doubt-related Tether talk could lead to big bullish market rises.”
Market intelligence firm IntoTheBlock finds that a huge majority of ETH holders are in the money with the latest rally.
“Ether’s explosive move to $3600-plus puts 90% of ETH holders in profit.”
Ethereum is trading for $3,715 at time of writing, up 8.7% in the last 24 hours.
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