Santiment, a leading crypto analytics firm, recently shared significant insights into the Ethereum and Bitcoin markets through a series of posts on social media platform X.
Ethereum’s ETH2 Beacon Deposit Contract Reaches New Highs
On July 10, Santiment revealed a major milestone for Ethereum, focusing on the ETH2 Beacon Deposit Contract. This contract, essential for staking deposits for Ethereum 2.0, now holds an all-time high of 47.36 million ETH, representing 33.9% of the total Ethereum supply. This is a substantial increase from the 10.9% held two years ago, indicating growing confidence in Ethereum’s transition to a proof-of-stake model.
A detailed chart highlights the impressive growth and distribution of ETH across different wallet sizes. Wallets holding more than 10,000 ETH, excluding the Beacon Deposit Contract, have decreased by 5.3% of ETH’s supply in the past two years. Meanwhile, wallets associated with the Beacon Deposit Contract have gained 23% of ETH’s supply, while those holding 10 or fewer ETH have dropped by 17.7%. This suggests that larger stakeholders are increasingly committing their ETH to staking, reflecting strong institutional and large-scale investor confidence in Ethereum’s future.
Bitcoin ETF Volume Rebound
On July 11, Santiment highlighted a significant rebound in spot Bitcoin ETF volumes. July has seen an average of $1.75 billion in spot Bitcoin ETF volume per day among the seven largest ETFs. From July 1st to 3rd, the average volume was $1.24 billion, but this surged to $2.13 billion from July 4th to 10th, reflecting a 72% rise.
A vivid chart shows the daily trading volumes of spot Bitcoin ETFs, highlighting the uptick in activity. This rebound indicates renewed investor interest and confidence in spot Bitcoin ETFs, suggesting traders see value and potential in these investment vehicles once again. This increase in volume demonstrates that the market is more robustly absorbing spot Bitcoin ETF products, a positive sign for the overall health of the Bitcoin market.
Increase in Bitcoin Whale and Shark Wallets
Also on July 11, Santiment noted an increase in the number of Bitcoin whale and shark wallets—those holding at least 10 BTC—during the recent dip period. July has seen a net increase of 261 such wallets, the highest since May 21st. This trend indicates that larger investors are accumulating Bitcoin while smaller traders are selling off their holdings.
A supporting chart shows the number of wallets holding at least 10 BTC over time, alongside Bitcoin’s price movements. Despite recent price dips, the number of large wallets has been steadily increasing, suggesting that significant players are buying more Bitcoin. This behavior could signal a long-term bullish outlook on Bitcoin, as major holders remain confident in the cryptocurrency’s future potential.
Connecting the Dots
Santiment’s insights collectively highlight a broader trend of increasing institutional and significant individual investor interest in both Ethereum and Bitcoin. The substantial accumulation of ETH in the Beacon Deposit Contract shows strong support for Ethereum’s upcoming transition to proof-of-stake, promising enhanced network efficiency and scalability. Simultaneously, the rebound in spot Bitcoin ETF volumes and the growing number of large Bitcoin holders suggest that confidence in Bitcoin’s value proposition remains robust despite market fluctuations.