Crypto analytics platform Santiment says sharks have accumulated a whopping $6.13 billion worth of Ethereum (ETH) in the past year.
However, the market intelligence firm says that whales have dumped a lot of their ETH holdings during the same time period.
ETH sharks picked up 3.61 million ETH coins in the past year, but whales unloaded more than double that amount, per Santiment.
“Ethereum’s large addresses have shifted their supply held substantially. Addresses holding 10-10,000 ETH have collectively added 3.61 million coins in the past year. Meanwhile, addresses with 10,000-10,000,000 ETH have collectively dumped 9.43 million in the same timeframe.”
Ethereum is trading for $1,699 at time of writing.
Santiment also says that crypto discussions are dominated by the banking crisis, including how Credit Suisse said it would borrow up to $54 billion from the Swiss National Bank to stay afloat.
“In the midst of Credit Suisse securing a $54 billion lifeline loan, crypto forums are paying close attention to the various banking crisis that is occurring. Laws and policies going forward may have a dramatic impact on the trajectory of cryptocurrency.”
The market intelligence firm notes that Bitcoin (BTC) usage is seeing a lot of growth despite the banking crisis and volatility in the markets.
“Bitcoin’s rate of network growth is prospering right now, even with the unpredictable volatility in crypto markets right now. In the past two months, the total amount of BTC addresses has grown by 1.71 million, a 3.95% increase in a relatively short period.”
Bitcoin is worth $24,958 at time of writing.
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This article has been originally published at: https://dailyhodl.com/2023/03/16/ethereum-sharks-accumulate-over-6000000000-in-eth-but-theres-a-catch-crypto-analytics-firm-santiment/