Crypto Whales Stack ETH, Tether’s Rise, Reddit Tokens Fall
Recent data from crypto analytics platform Santiment shows a significant accumulation of Ethereum (ETH) by cryptocurrency whales.
According to Santiment, addresses holding a minimum of one million ETH have amassed over 32% of the total supply, marking the highest level since 2016.
🐋 #Ethereum's whale addresses in the #billionaire tier (holding at least 1M $ETH) now hold 32.3% of the available supply for the first time since 2016. Yesterday's transactions valued at $1M+ also had its 2nd highest day in 5 weeks. History is being made. https://t.co/sywdtn14k5 pic.twitter.com/SdbSrChJCf
— Santiment (@santimentfeed) October 17, 2023
The company also observes an uptick in substantial ETH transactions. They note that addresses in the billionaire tier, holding at least one million ETH, now possess 32.3% of the available supply, a milestone not seen since 2016. Additionally, transactions valued at $1 million or more experienced their second-highest daily volume in five weeks.
Santiment also identified increased activity in stablecoins, particularly Tether, following false reports claiming that the U.S. Securities and Exchange Commission (SEC) had approved a Bitcoin (BTC) exchange-traded fund (ETF).
💸 #Tether's largest wallets had big accumulation spikes during yesterday's #crypto fireworks. The top 10 largest wallets are back to holding a quarter of the entire $USDT supply, and the top #stablecoin's #onchain transaction volume hit a 2-month high. https://t.co/9ISC7X6r6B pic.twitter.com/2VTv5VURvJ
— Santiment (@santimentfeed) October 17, 2023
The top 10 largest Tether wallets now hold a quarter of the entire USDT supply, and on-chain transaction volume for this leading stablecoin reached a two-month high.
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Finally, Santiment highlights the decline in the value of altcoins for tipping Reddit users. This drop in value followed the social media platform’s announcement that it would be discontinuing its three-year-old blockchain-based Community Points program.
Community members expressed dissatisfaction with Reddit’s CEO and the decision to sunset tokens like MOON, BRICK, DONUT, and others, which were commonly earned through contributions and peer tipping. Notably, the token MOON saw a significant decrease of up to -89.9% in just three hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
