Ethereum bag holders have actively been accumulating the digital token over the last 24 hours, according to the crypto analytics platform Santiment.
As noted by Santiment in its recent report, Ethereum whales holding between $10.9 million to $1.09 billion worth of ETH grabbed $1.03 billion worth of ETH within 24 hours.
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The activity represents the fifth-largest single-day purchase in the past year, according to Santiment.
Santiment tweeted, “Ethereum’s large whales (holding $10.9M to $1.09B) have added 947,940 more ETH yesterday worth ~$1.03B. This is the 5th largest single day add in the past year. The past 4 instances, ETH’s price vs. BTC rose an average of +3.2% the following 3 days.”
🐳 #Ethereum's large whales (holding $10.9M to $1.09B) have added 947,940 more $ETH yesterday worth ~$1.03B. This is the 5th largest single day add in the past year. The past 4 instances, $ETH's price vs. $BTC rose an average of +3.2% the following 3 days. https://t.co/g4RdgE0Gzj pic.twitter.com/TVYkj4xVrU
— Santiment (@santimentfeed) November 21, 2022
At the time of filing this report, ETH is trading at $1,163, with a 3.13% price upsurge in the last 24 hours, according to CoinMarketCap.
Santiment also noted that Bitcoin (BTC) price drop on Monday caused many traders to exit the crypto market.
“The BTC drop below $15.8k has caused many traders to finally exit the sector or liquidate assets. Bitcoin is seeing the lowest level of transactions made while in profit since Nov, 2019. Bounces typically occur when this metric is severely negative.”
📉 The $BTC drop below $15.8k has caused many traders to finally exit the sector or liquidate assets. #Bitcoin is seeing the lowest level of transactions made while in profit since Nov, 2019. Bounces typically occur when this metric is severely negative. https://t.co/siuHaH2bd8 pic.twitter.com/60HaSo0eqb
— Santiment (@santimentfeed) November 21, 2022
Bitcoin dropped as low as $15,665 on Monday before rebounding slightly. At press time, BTC is trading at $16,457.
Santiment also said reported that Bitcoin’s address activity spiked to its highest level in six months over the weekend.
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