We recently posted about Ethereum's return above $2,000 this past week, and our explanation on one of the key contributors to why.
When active addresses move up over time for a crypto asset, while active deposits move down, it's a reliable indication of a token seeing growing utility without funds moving to exchanges for potential sell-offs. In other words, this is a very bullish pattern our pro traders look for often.
Our new Daily Active Deposits & Non-Deposit Activity Sansheets Model easily identifies which assets are developing patterns similar to Ethereum's. Here's a snapshot of which activity vs. deposit ratios are rising vs. their 3-month resting averages:
Here are some of the largest bullish divergences, according to this model. We look for high green bars (indicating large activity/deposit ratios), and large green dots on the above model, and rising orange lines on Sanbase here:
Enjin Coin ($ENJ)
Taking a look at our Whale Holders Distribution model, we're seeing some interesting trends with where major holders are accumulating funds. Let's review which coins are rising with more whales, and which are seeing their numbers drop off:
This Sansheets model above, available for our Sanbase PRO members, quickly lets us investigate which projects have seen the highest increase and decrease in whale numbers over the past week (indicated in blue).
More Whale Addresses
Yearn Finance ($YFI)
Less Whale Addresses
Last week, we touched on some altcoins that we're currently whale watching, based on our data indicating that there are a growing number of holders of the respective assets that are qualifying as elite holders. This week, we're providing three examples of assets that have already seen massive growth thanks to these accumulations. We'll also look at three assets where their prices haven't reacted (yet) to the growth in their recent whale numbers.
And spoiler alert: many of the same tokens we covered last week are continuing to grow in whales the fastest!
Prices Already Pumping After Major Buyers
Matic Network (MATIC)
Ren Protocol (REN)
Band Protocol (BAND)
Prices Have Yet to React Despite Major Whale Accumulation
Yearn Finance (YFI)
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
Noticed their steep development activity chart, team is doing a great job.
Price haven't moved much, and the crowd is not there yet.