Ethereum and Litecoin Flashing On-Chain Strength As Binance Coin Whales Accumulate BNB: Santiment

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Blockchain analytics firm Santiment is saying that the on-chain activity of two major cryptocurrencies exhibits strength, while whales are increasing their holdings of the Binance platform’s utility token.

In a tweet, Santiment says that Litecoin (LTC) now has more active addresses than Ethereum (ETH). Further, the number of addresses receiving Litecoin has reached an all-time high (ATH).

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“Litecoin has just flipped Ethereum in terms of address activity for just the third time this year. We’ve also discovered that Litecoin’s payment count, which quantifies the number of addresses receiving $LTC, has hit an ATH.”

According to blockchain analytics firm, Ethereum’s on-chain activity could be falling due to the high transaction fees associated with ETH. The blockchain analytics firm, however, struggles to explain Litecoin’s increased on-chain activity.

“We might suggest that Ethereum’s on-chain activity is under pressure because of high fees, sure. But what’s driving Litecoin in opposite direction? How could a UTXO [unspent transaction output] cryptocurrency coin flip over the biggest DeFi and NFT ecosystems token, ETH? Apparently almost 600K (!) people are using LTC on a daily basis.”

Santiment says that the number of large Ethereum holders not on exchanges is rising, while the number of the large holders on exchanges is in decline.

“Ethereum’s top 10 non-exchange whale addresses keep climbing, while the top 10 exchange addresses are falling. The ratio between the two has shown evidence of being tied closely to price, and this rise in ratio continues to be a good sign for bulls.”

Santiment also says that large holders of Binance Coin (BNB) have increased their BNB by nearly 10%.

“BinanceCoin is on a temporary breakout and the accumulation from its millionaire holders appears to be paying dividends. Holders with 10k to 100k $BNB have accumulated 412k $BNB in the past two weeks, adding 8.7% more coins to their total holdings.”

At time of writing ETH is valued at $3,642, LTC at $180, and BNB at $466, according to CoinGecko.

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