Santiment Market Updates Provide Insights into Ethereum and Bitcoin Market Dynamics

Santiment, a leading crypto analytics firm, has recently provided significant insights into the Ethereum and Bitcoin markets through a series of posts on the social media platform X.

Crypto analytics firm Santiment has recently shared valuable insights into the Ethereum and Bitcoin markets through a series of posts on social media platform X. Here's a summary of their key observations.

1. Ethereum’s ETH2 Beacon Deposit Contract

On July 10, a post from Santiment zoomed in on a critical aspect of the Ethereum market: the ETH2 Beacon Deposit Contract. This contract is designed to facilitate staking deposits for Ethereum 2.0. According to Santiment, the contract now holds a massive 47.36 million ETH, which is an all-time high.

This amount is particularly noteworthy as it represents a substantial 33.9% of the total Ethereum supply. To put this into perspective, the Beacon Deposit Contract's share of the ETH supply has more than tripled in the past two years. At the time of the post, the total ETH supply was around 139.8 million, with the Beacon Deposit Contract holding a large portion of it.

2. Bitcoin ETF Volume Shows Recovery

Another post from Santiment on July 11 highlighted a significant recovery in spot Bitcoin ETF volumes. The firm's data showed that July has seen an average of $1.75 billion in spot Bitcoin ETF volume each day among the seven largest ETFs.

Despite a relatively slow start to the month, there was a notable surge in trading activity. From July 1st through 3rd, the average volume was $1.24 billion, but this later increased to an average of $2.13 billion from July 4th through 10th, which is a 72% rise.

3. Bitcoin 'Whale and Shark' Wallets on the Rise

Finally, another observation shared by Santiment on July 11 concerned the activity of large Bitcoin wallets. The firm noted that the number of Bitcoin whale and shark wallets—those holding at least 10 BTC—has increased during the recent dip.

According to Santiment, smaller traders have been selling off their holdings while larger investors are accumulating Bitcoin. The firm's data showed a net increase of 261 wallets with at least 10 BTC, which is the highest since May 21st. This trend suggests that smaller traders may be becoming more risk-averse during the market downturn.

Collectively, these three posts from Santiment provide some interesting insights into the dynamics of the crypto markets, particularly regarding the institutional and large-scale investor activity.

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