Market intelligence firm Santiment reports that deep-pocketed crypto investors are accumulating Ethereum (ETH) and that a bounce for digital asset markets could be near.
In a new post on the social media platform X, Santiment says that the activity level of ETH whales has spiked to a six-week high, an encouraging sign that the top altcoin could spark a rally.
“Ethereum’s whale activity spiked to a six-week high as its price declined as low as $2,380 Friday. Historically, this is a sign of accumulation from high capital key stakeholders. Though not a guarantee this will have an immediate effect on prices bouncing, it is encouraging.”
Santiment’s chart indicates that on October 24th, 6,428 new ETH wallets were created, the highest daily number since September 5th.
The crypto analytics firm goes on to note some catalysts for a potential market rally, which include increased FUD (fear, doubt and uncertainty) as well as heightened attention toward memecoins, indicating that a bounce may come as soon as the next few days.
“Solana, Jito, Cosmos, and Jupiter have been the notable standouts during a tumultuous up and down week for crypto markets. Data indicates meme coins have drawn increased interest levels while Bitcoin treads water.
Assuming markets keep their underwhelming trajectories going into the weekend, expect for sentiment to begin reflecting some much-needed FUD, which would in turn imply a market bounce to start [this] week.”
Ethereum is trading for $2,498 at time of writing, a 1.9% increase during the last 24 hours.
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