Crypto analytics firm Santiment is analyzing new trends in the market as Ethereum draws in whales and heads to a fresh all-time high.
Santiment says that as ETH hit a new high of $3,524 this week, large whales appeared to be accumulating. The firm notes that whale addresses on top exchanges continue to shed ETH – a sign that investors are buying the top crypto asset and then moving it over to their personal wallets.
“Ethereum touched yet another all-time high of $3,524 a few hours ago before dropping on a mild market-wide correction. Top 10 non-exchange whale holdings have doubled in the past 8 months, while the top 10 exchange whales halved in the past 7 months.”
According to the firm’s data, Ethereum is also one of Santiment’s ‘top trending assets,’ along with meme coin Dogecoin (DOGE), decentralized finance (DeFi) coin Safemoon (SAFE), Ethereum hard fork Ethereum Classic (ETC), digital mobile operator Dent (DENT) and Coinvest (COIN).
As for Bitcoin, despite the recent dip below $54,000, Santiment notes that the flagship cryptocurrency is receiving plenty of interest from crypto whales.
“Bitcoin has slid these past couple days, but as the crowd shows mild concern, new whale addresses have been created.
The number of 1,000+ BTC addresses has jumped back to 2,234, with the largest single-day growth in new addresses (7) since March 31.”
Additionally, existing Bitcoin addresses have been quite active of late, ringing in the highest network activity since March.
“Bitcoin quietly saw its largest daily active address day in 3 weeks, and 4th largest day of 2021.
The 1.27m unique address transacting on the $BTC network is a welcome sight after major lows took place right before the dip. See if this rise continues.”