The largest Ethereum (ETH) whale addresses are scooping up ETH at a rapid rate, according to the crypto analytics firm Santiment.
The firm notes that whale addresses holding between $10.9 million to $1.09 billion worth of Ethereum gobbled up $1.03 billion worth of ETH in just one day.
The activity represents the fifth-largest single-day add by the largest group of whales in the past year, according to Santiment.
ETH is trading at $1,163 at time of writing. The second-ranked crypto asset by market cap is up more than 5% in the past 24 hours.
Santiment also notes that Bitcoin’s (BTC) price drop on Monday caused many traders to exit the sector.
“Bitcoin is seeing the lowest level of transactions made while in profit since November 2019. Bounces typically occur when this metric is severely negative.”
Bitcoin dropped as low as $15,665 on Monday before rebounding slightly. The top-ranked crypto asset by market cap is trading at $16,579 at time of writing.
Santiment says Bitcoin’s address activity also spiked to its highest level in six months over the weekend.
The decentralized oracle network Chainlink (LINK) has also seen a surge in active addresses, according to the analytics firm.
LINK is trading at $6.52 at time of writing. The 23rd-ranked crypto asset by market cap is up more than 8% in the past 24 hours.
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