The cryptocurrency market has started this week dominated by a bullish sentiment, with most cryptocurrencies accruing gains. This recent price action has attracted the interest of crypto whales, reaching short-term record highs.
In particular, an insight from Santiment shows Optimism (OP) and Chiliz (CHZ) with rising whale activity on May 20. However, despite a seemingly positive metric, Santiment‘s analyst, Brian Q, believes this could foreshadow volatility and trend reversals.
“With crypto rebounding big today, keep an eye on the rising whale activity among many altcoins like Optimism and Chiliz. Sudden high onchain activity among their largest traders typically will foreshadow major volatility and OP & CHZ reversals.”
– Brian Q, for Santiment
Notably, the chart shows 392 and 46 whale transaction counts for OP and CHZ, respectively. This category includes all transactions worth $100,000 or more registered on the Ethereum (ETH) and Optimism networks.
OP and CH
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