Leading crypto analysis firm Santiment has reported that three popular altcoins have shown potential signs of reversing the downtrend among investors. The crypto analysis platform also shared crucial on-chain data for Ethereum (ETH).
Santiment reported increased whale activity in the decentralized exchange protocol dYdX (DYDX), the data exchange platform Ocean Protocol (OCEAN), and the crypto payment network Request (REQ).
According to the crypto analysis firm, the increase in whale activity on a crypto’s network indicates a higher likelihood of a reversal in the downtrend after a period of price declines.
Santiment, transitioning to Ethereum, which serves as a guiding light for the altcoin market, stated that major crypto exchanges and off-exchange wallet addresses have loaded up on the largest altcoin based on market value. According to the crypto analysis firm, the top 10 wallet addresses outside the control of exchanges currently hold approximately $61.1 billion worth of ETH, which corresponds to the all-time high. Santiment also noted that the top 10 wallet addresses under the control of exchanges currently hold $10.9 billion worth of ETH, stating:
Ethereum’s total value held by the top 10 wallet addresses outside the control of exchanges and the top 10 wallet addresses under the control of exchanges continues to increase, currently hovering just above $1,570. 8.51% of ETH is currently held on crypto exchanges, and the top 10 wallet addresses outside the control of exchanges hold $39.22 million worth of ETH.
Furthermore, Santiment added that Ethereum’s discussion rate on social media platforms is currently at its highest level in about a month, indicating an increase in the dominant metric for the largest altcoin. According to Santiment, ETH that has been dormant for a long time is moving at the highest pace in the last month due to high investor interest.