The Ethereum network’s largest whales are currently in possession of a record-breaking $241.635 billion worth of ETH, as indicated by the latest on-chain data. According to Santiment, a crypto analytics firm, the top 100 non-exchange Ethereum whales now hold a historic high of 68.39 million ETH tokens, while exchange wallets have seen a decrease.

Santiment reported, “The top 100 Ethereum wallets on exchanges have recently dropped below their May 2018 all-time low, now totaling 8.41 million ETH. This indicates a trend of increasing distribution over time. In contrast, the top 100 non-exchange wallets are telling a different story, with an all-time high holding of 68.39 million ETH.”

Ethereum is currently trading at $3,566. Santiment’s analysis of Bitcoin (BTC) suggests that sentiment has become uncertain for the leading cryptocurrency by market cap. The firm’s data shows that frequent mentions on social media of “selling” or “taking profit” often align with price bottoms or the start of rallies.

With BTC still in a downtrend and sentiment relatively low, Santiment suggests that an opportunity to accumulate Bitcoin may be on the horizon. The firm stated, “The crowd is displaying fear after Bitcoin dropped to $65,000, its lowest value since May 16th. Increases in mentions of ‘selling’ or ‘taking profit’ are common after a decline, and a temporary bounce and buying opportunity may emerge if continued FUD (fear, uncertainty, and doubt) and panic are seen from small traders.”

BTC is currently trading at $66,235. Remember to subscribe to receive email alerts directly to your inbox and stay updated on price action. Follow The Daily Hodl on various platforms for more insights and news.

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