Santiment data shows that the whales have taken advantage of the drop in ether to buy cryptocurrency at comfortable prices.
The number of wallets. containing more than $ 100,000 of ETH rose to its highest level since January 2018. Whales have become more active amid the fall in the altcoin price from $ 4358 to $ 2015, it says in the team report.
🐳 The amount of #Ethereum whale transactions (greater than $100,000 in value) ballooned to levels not seen since January, 2018 this week. After hitting an #AllTimeHigh of $4,358 just 9 days ago, $ ETH dropped to $2,015 (a -53.8% slide) in just one week. https://t.co/tsF44fwp1A pic.twitter.com/iiR6fCr7lA
– Santiment (@santimentfeed) May 22, 2021
In just one week, the capitalization of Ether fell by more than 35%. Today, the ETH rate is holding around $ 2320, the total value of the cryptocurrency has decreased to $ 266 billion.
As analyst Miko Matsumura pointed out on Twitter, the whale’s interest in the airwaves has grown significantly over the past few weeks. In terms of the concentration of cryptocurrency in the hands of the largest addresses, ETH even surpassed Bitcoin. the expert emphasized.
Here is the @intotheblock on ETH. Surprisingly the concentration of ownership of ETH in large holders is much bigger than that of BTC pic.twitter.com/OIvHXUOD0f
– Miko Matsumura (@mikojava) May 22, 2021
Altcoin is also in high demand from institutional investors.
This trend is evidenced by data from the Skew team, which drew attention to a sharp increase in open interest in Ethereum options. On the Deribit, OKEx and Huobi exchanges, this indicator in May reached $ 7 billion, $ 349 million and $ 1 million, respectively.
By the end of the month, open interest in the product began to decline due to a massive ETH rollback.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
