Data from Santiment's analytics platform reveal that major players are quietly accumulating Ethereum amid an increase in the value of the second largest cryptocurrency on the market.
In a new post on Twitter, the analytics firm told its more than 36,000 followers that the number of addresses with more than 10,000 ETH has increased in the past two months, while addresses that have 10,000 ETH or less have decreased in the same period.
“With $ ETH exceeding $ 750 for the first time in 31 months, we found that there are 39 more #Ethereum addresses with more than $ 10,000 ETH compared to just 2 months ago. Meanwhile, the number of addresses containing from 1 to 10,000 $ ETH has shrunk over this time. ”
Santiment's chart also reveals that the number of addresses with 1 to 100 ETH plummeted on December 19. The cryptocurrency insights company notes that a problem related to decentralized finance (DeFi) may have triggered the sharp decline.
“This massive drop two weeks ago by this group surprised us too. It may well have been an anomaly related to DeFi, considering how big the drop was. ”
As the number of small ETH owners plummets, cryptocurrency trader Alex Saunders says that the signal bodes well for the future of the leading smart contract platform.
“Whales accumulate ETH as retailers sell. This is exactly what happened to BTC at $ 10,000 – $ 13,000 before takeoff. ”
While Bitcoin continues to reach new highs, Ethereum has not yet revisited its 2018 record high of $ 1,432. At the time this article is being published, each ether is trading around $ 769, a level almost 46% below the record of almost three years ago according to Coingolive data.
Read also: Largest cryptocurrency fund buys 12 million XRP at the turn of the year
Invest in cryptocurrencies with security, high liquidity and the lowest rates in the market.
NovaDAX: the most complete exchange in Brazil with over 25 listed cryptocurrencies and the best customer service score.