Analytics firm Santiment says the world’s most affluent crypto investors remain bullish on Ethereum (ETH) despite the downturn in the market.
According to Santiment, the top 10 non-exchange wallets maintain a high ratio of Ethereum in their portfolio and now hold 3.4 times more ETH than exchanges.
The firm says this suggests the largest whales are keeping a firm grip on the leading altcoin.
At time of writing, Ethereum is changing hands for $1,778.
“Ethereum’s top 10 non-exchange vs. exchange addresses are maintaining a high ratio of ETH owned over the top 10 non-exchange whales. With a tremendous 3.4x more coins held, there still appears to be a belief that prices can stabilize.”
Santiment also says deep-pocketed investors are accumulating Chainlink (LINK). The firm says whales have been stocking up the asset since last month when the price of the decentralized oracle network plunged to less than $6.00.
At time of writing, Chainlink is trading for $9.35, up by 6.98% over the last 24 hours.
“Chainlink has pumped +9% in the past 2 hours, and accumulating whales are capitalizing. After dumping began on March 30th, they began accumulating again after prices dropped in early May. They hold 25%+ of the supply for the 1st time since November.”
The analytics firm says LINK, along with Cardano (ADA) and Helium (HNT), are performing well despite the high volatility of the crypto market in early June. Meanwhile, the prices of Bitcoin (BTC) and Ethereum are still moving sideways.
“Crypto prices chopped wildly in the opening week of June, but the result has been mainly no movement for Bitcoin and Ethereum. Altcoins, on the other hand, have shown major decouplings from one another, with ADA, LINK, and HNT performing well.”
Santiment also reveals the ratio of the Bitcoin’s supply on exchanges is now at 10%, the lowest since December 2018, which could be a sign of a bullish stance among long-term holders.
“The percentage of Bitcoin’s supply sitting on exchanges is down to 9.9% after May’s volatility caused an influx of BTC moving to exchanges for panic sells. This is a sign of hodler confidence, and exchange supply hasn’t been this low in 3.5 years.”
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