Ethereum Fees Dropped, XRP and BTC Holdings Increase. Is there a link?
XRP Holdings Increase by 2.4%
Blockchain analytics firm Santiment reveals that whales holding between 1 million and 10 million XRP are stocking up on the sixth-largest cryptocurrency by market capitalization amid the current volatility of the digital assets market.
According to Santiment, the richest non-exchange XRP wallets increased their collective holdings by 2.4% in just 11 days.
“XRP whales holding between 1M and 10M XRP have collectively been accumulating, and now hold their highest percentage of the asset’s supply in 2 months. This is the most active tier of non-exchange holders, and currently hold 6.12% of all XRP.”
Santiment says that the group of whales holding at least 10 million XRP hold’s a majority of the coin’s total supply.
Yes, that’s correct, Brad. For reference, here are the top 3 tiers of whales, all using different axes. The yellow line is the one you’re referring to, which is the tier of addresses holding 10M or more $XRP. They tend to be fairly inactive, and currently hold 73% of the supply. pic.twitter.com/ubGUpscPU2
— Santiment (@santimentfeed) May 26, 2022
BTC Holders Increase
Santiment says that the number of wealthy Bitcoin holders has also increased as of late. The firm says that the quantity of wallets holding between 100 to 1,000 BTC has risen despite the decline in price of the flagship digital asset.
“As Bitcoin continues treading water at $29.6k, the amount of key whale addresses (holding 100 to 1k BTC) continues rising after the massive dumping from late January. We’ve historically seen a correlation between price & this tier’s address quantity.”
Ethereum Fees Drop Below $5
Looking at Ethereum (ETH), the firm notes that transaction fees recently dropped to $2.54, the lowest for the smart contract platform since July. Santiment says that the price of ETH historically increases after fees go below $5.
“Ethereum’s average fees are at an extreme low, costing traders just $2.54 per transaction currently. This is the lowest ETH cost level since July. Historically (but by no means automatically), ETH prices rise after average transactions dip below $5.”
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