Top Bitcoin Whales Maintain a Firm Grip on Ethereum (ETH) While Investing in One Top-25 Altcoin: Analytics Firm
Despite the market’s slump, the world’s most affluent crypto investors, according to analytics firm Santiment, remain positive on Ethereum (ETH).According to Santiment, the top ten non-exchange wallets have a high Ethereum ratio in their portfolio and presently own 3.4 times more ETH than exchanges.
According to the organisation, this indicates that the greatest whales have a tight grasp on the main altcoin.
At the time of writing, the price of Ethereum is $1,778.
“Ethereum’s top ten non-exchange vs. exchange addresses retain a strong ETH ownership ratio across the top ten non-exchange whales.” With 3.4x more coins held, it indicates that there is still hope that prices may stabilise.”
Santiment also claims that wealthy investors are amassing Chainlink shares (LINK). According to the company, whales have been stockpiling the commodity since last month, when the price of the decentralised Oracle network fell below $6.00.
Chainlink is now trading at $9.35, up 6.98 percent in the past 24 hours.
“Chainlink has pushed +9% in the last two hours, and accumulating whales are profiting.” They began accumulating again as prices plummeted in early May, after dumping began on March 30th. They control more than 25% of the market.
According to the analytics firm, LINK, along with Cardano (ADA) and Helium (HNT), are performing well despite the crypto market’s strong volatility in early June. Meanwhile, the values of Bitcoin (BTC) and Ethereum (ETH) remain flat.
“While cryptocurrency values fluctuated drastically in the first week of June, Bitcoin and Ethereum saw little fluctuation.” Altcoins, on the other hand, have exhibited significant decoupling, with ADA, LINK, and HNT performing well.”
Santiment further showed that the ratio of Bitcoin supply on exchanges is presently at 10%, the lowest since December 2018, indicating a positive sentiment among long-term holders.
“After May’s volatility produced an influx of BTC migrating to exchanges for panic sales, the percentage of Bitcoin’s supply sitting on exchanges has dropped to 9.9 percent.” This reflects hodler confidence, and exchange supply has not been this low in 3.5 years.”