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 intensified amid falling altcoin prices from $ 4,358 to $ 2015, the team said in a report.
In just one week, the capitalization of Ether fell by more than 53%. On Saturday, May 23rd, the ETH rate is holding around $ 2139, the total value of the cryptocurrency has decreased to $ 255.417 billion.
As analyst Miko Matsumura noted 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 has even surpassed Bitcoin, the expert emphasized.
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The 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 figure 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.