Data from blockchain analysis platform Santiment points to an interesting trend in ETH-based tokens. The data shows that the top token holders are moving their assets from exchanges to private wallets.
Santiment first observed that REP holders started the trend in late July in anticipation of the transition to AugurV2 on 3 August.
Traders on Ethereum-based Augur use the platform to predict real-world events in a peer-to-peer market. Augur’s smart contracts are designed to use real-time data that is naturally compatible with real-world emotions.
So What Does This Mean?
According to Santiment, this is an indication of the long-term bullish sentiment on Ethereum and especially its ability to successfully migrate to Ethereum 2.0 within the stipulated time frame.
Augur, one of the oldest DeFi platforms with a successful use case, is trading at $ 21. REP has a market value of $ 237 billion and a transaction volume of roughly $ 21.3 million in the past 24 hours.
The fact that the people who invest the most in the project act in this way shows that they believe in the future of crypto money and are on a long-term wait. This trend also applies to other Ethereum tokens, including Republic token’s REN, Aave’s LEND, and Kyber Network’s KNC.
Ethereum (ETH) Status
88% of investors expect Ethereum to rise in the long term, despite a significant drop in ETH mining pools revenue. This bullish sentiment was especially fueled by gas prices reaching record lows.
The drop indicates that trading activity in the network has declined, causing ETH’s 20-day EMA to drop below $ 394. Currently, the coin is trying to reach the $ 400 level and is trading at $ 381. If the upward movement continues, the next resistance level of ETH stands above the $ 415 mark.