After rallying over 100% from March’s capitulation lows, analysts are expecting a retracement in Ethereum, Bitcoin, and other top cryptocurrencies. They cite simple technical factors showing this market has lost the bullish momentum it had just 10 days ago.
This bearish outlook, however, hasn’t stopped investors with deep pockets from accumulating
Deep Pockets Are Accumulating Ethereum & ERC-20 Tokens
According to data shared by blockchain analytics firm Santiment, the top holders of a swath of cryptocurrencies — Ethereum, Maker, Basic Attention Token, Enjin, Ren, and Kyber Network — have all been accumulating their respective currencies over the past month.
“What has the #1 respective top holder done with their holdings for several key crypto assets over the past few weeks? Short answer: ACCUMULATING,” the firm wrote in reference to the chart below.
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