A new report by analytics firm Santiment has revealed that whales remain bullish on Ethereum while accumulating the top 25 altcoins during crypto winter. The report revealed that the top 10 non-exchange wallets maintained a high ratio of Ethereum (ETH) in their portfolio, holding 3.4 times more ETH than crypto exchanges.
Whales Are Bullish On Ethereum
The report suggests that crypto whales are still bullish on Ethereum. Their report found that the top 10 non-exchange tokens and exchange addresses maintained a high ratio of ETH by non-exchange addresses at 3.4 times more. According to Santiment, it indicates a belief that prices might stabilize.
The report also found that whales were buying up Chainlink (LINK). They found that whales had been buying up the altcoin since May when the price plunged to less than $6. Chainlink has since recouped some of those losses and is trading just above $9. Prices of LINK started plummeting at the end of March, with prices dropping steadily in May at the start of the crypto winter. Since then, whales have begun accumulating the altcoin. The report found that for the first time since November 2021, whales now own over 25% of LINK.
Besides LINK, the report found that Cardano (ADA), and Helium (NT) were doing quite well despite the high volatility experienced in the crypto markets during June 20222. The report found that the prices of Ethereum (ETH) and Bitcoin Hash (BCH) were still sideways, without any clear direction.
Santiment found that crypto prices swung wildly during the first week of June. However, it did not lead to any significant price movements for ETH and BCH. However, other altcoins such as ADA, HNT, and LINK had been doing quite well, managing to decouple from the general trend of the top two coins.
BTC Supply on Exchanges Drops
The report also agreed with what other market reports had declared recently found out; the Bitcoin supply on crypto exchanges was below 10%. This represents the lowest dip since December 2018, which might be an indicator of a bullish stance amongst long-term holders.
According to the report, the supply of BTC on crypto exchanges was down to 9.9%. This was after a significant amount of Bitcoin (BTC) began moving to exchanges in May as some of those who held the top crypto coin by market cap began selling their coins. According to Santiment, it is a sign of investor confidence. The last time it was this low was in 2018 when the crypto market was going through a bear market.
Conclusions From the Report
The report indicates that the panic selling in the crypto markets experienced in May has gone down. However, there is no indication that the market is headed for a massive recovery soon. However, it shows the whales, who have the biggest influence on crypto price movements, are holding tight.
In general, this is encouraging since whales often likely have access to better analytics tools. Their huge investments in crypto also mean that they take more time to analyze the market before making any decisions, unlike retail investors who may have entered the crypto markets to make a quick profit.
