According to crypto analytics firm Santiment, huge whales are sweeping an altcoin project as the crypto market continues to sideways. Here are the latest movements of giant wallets…
Big wallets pulled ETHs off the stock market
Santiment notes on Twitter that the 10 largest over-the-counter Ethereum addresses currently hold 24.78 million worth of Ethereum (ETH), which is worth more than $96.33 billion at the time of writing. According to the crypto analytics firm, this total is close to ATH for the ten largest over-the-counter ETH addresses, which set a record 26.63 million ETH in June 2016.
Metrics could be bullish for leading altcoin
Santiment also states that the top 10 Ethereum addresses on exchanges have a total of 3.82 million ETH, which is the “lowest level since launch.” The firm explains that the two measurements taken together can be bullish indicators in the long run:
This means more long-term hodler and trader confidence to add to the long-term value of Ethereum, the higher this ratio the higher the trend. A good sign in the long run, a neutral sign in the short run.
Ethereum isn’t the only cryptocurrency leaving the exchanges: The total supply of Bitcoin (BTC) on exchanges has recently hit a 31-month low, which Santiment says limits the risk of a large BTC sell-off.
Solana leads developer events
Santiment, whose data we share as Somanews, also states that Ethereum competitor Solana (SOL) “leads development activity among top crypto projects”:
“olana (SOL) leads the way in development among top crypto projects and surpassed the impressive daily Github submission rates of Polkadot (DOT) and Cardano (ADA) last month.