Crypto analysis firm Santiment has reported a notable increase in the on-chain activity of the largest stablecoin USDT issued by Tether. Previously, Santiment had noted that the top 10 wallet addresses outside the control of crypto exchanges were heavily accumulating Ethereum (ETH).
Intense USDT Movement in Crypto Wallets
Santiment revealed that the number of active wallet addresses has reached the highest level in the last 3 months due to the growth of USDT deposits on crypto exchanges. USDT, issued by Tether and pegged to the US dollar at a 1:1 ratio, has seen a surge in buying power from crypto investors.
According to the on-chain data graph created by the crypto analysis firm, USDT reached its highest level on crypto exchanges at $16.96 billion in August 2022, but it declined to $7.12 billion with a decrease of over 58% in June this year.
Santiment also noted that large wallet addresses holding 1-10 million USDT continue to accumulate the largest stablecoin. The crypto analysis firm stated that this metric also indicates interest in future purchases.
Major Investors Persistently Accumulate Ethereum (ETH)
Santiment also highlighted Ethereum (ETH), stating that the top 10 wallet addresses outside the control of crypto exchanges regularly acquire ETH.
These wallet addresses currently hold 39.22 million ETH, which is valued at over $61.2 billion, indicating an all-time high.
According to the latest data, ETH is trading at $1,548 with a 1.63% decrease in the last 24 hours. CoinMarketCap data reveals that ETH has declined by over 5% in the past 7 days.
