A leading market research firm discovers Ethereum (ETH) whales are swallowing the leading innovative contract platform at the highest rate since 2020. According to crypto analysis agency Santiment, wealthy Ethereum investors are acquiring ETH at a significant price. Santiment says the last such accumulation event in 2020 caused a massive rally that saw ETH surge 50% in just over a month. -Time highs a year ago. In October/November 2020, these 100-100,000,000 ETH addresses helped lead ETH to a +50% price increase in 5 weeks.
Earlier this week, Santiment discovered that ETH whales devoured a staggering $1.03 billion worth of Ethereum in a single day, marking the fifth-largest single-day purchase by the largest group of whales in the last year. The analytics firm also notes that layer-2 scaling solution Arbitrum is beginning to compete with the second-largest crypto asset by market cap in terms of stablecoin usage. Arbitron has recently doubled, while usage in ETH has increased only slightly. Ethereum is changing hands for $1,197 at the time of writing, up 2% in the last 24 hours.