All eyes turned to Ethereum as of Monday in the cryptocurrency market. News regarding the Spot Ethereum ETF decisions brought the market back into focus. While the final decision on the ETF is expected to be announced on May 23, recent data shows that crypto whale transactions are on the rise for two Ethereum (ETH)-based altcoins.
Current Status of Optimism and CHZ
According to data shared by the market information platform Santiment, activities by whales continue to gather around Optimism (OP), known as a layer-2 altcoin, and Chiliz (CHZ), a crypto project focused on sports clubs and their fans. Both projects made a significant impact when they first emerged. The statement was as follows:
As a major recovery is happening in crypto [May 20], note the rising whale activity among many altcoins like Optimism and Chiliz. Sudden high on-chain activities among the biggest traders typically signal major fluctuations and reversals for OP and CHZ.
Optimism experienced a 2.66% drop in the last 24 hours, falling to $2.66 at the time of writing. Its market cap fell to $2.89 billion, while its 24-hour trading volume dropped by 28.5% to $555 million.
On the other hand, Chiliz fell to $0.1213 after a 3% drop in the last 24 hours. This decline brought its market cap down to $1 billion, positioning it at 80th place.
Following a 14% drop in 24-hour trading volume, CHZ’s trading volume fell to $83 million, clearly showing the declining interest of investors.
Current Status of Ethereum
Data shared by Santiment also showed that Ethereum became the most mentioned crypto project on social media platforms regarding the SEC’s approval of the Ethereum exchange-traded fund (ETF).
According to X, Discord, Telegram, 4chan, and Bitcoin Talk, Ethereum is the most trending asset in crypto. Eyes are on the SEC’s decision to approve the first spot ETH ETF. Additionally, talks about fear, uncertainty, and doubt related to Tether could lead to major surges in the market.
One of the significant firms in the market, IntoTheBlock, also published a finding that a large majority of ETH investors are still in profit due to the recent rally.
Ethereum’s explosive move above $3600 put 90% of ETH holders in profit.
Ethereum continues to find buyers at $3,726 at the time of writing, following a 0.26% increase in the last 24 hours.
