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Ethereum whales’ activity has been constantly on a downward momentum, according to Santiment
Ethereum has been consolidating above the $1,800 mark over the past week while the asset witnessed a significant drop in whale activity.
According to data provided by a market intelligence platform Santiment, Ethereum (ETH) whales’ activity has been constantly on a downward momentum. Ethereum whales completed 3,976 transactions, each worth at least $100,000, on Aug. 1.
At the time of writing, Santiment recorded only 744 such transactions in the past 24 hours. Quite similarly, whale transactions consisting of at least $1 million worth of ETH have also dropped from 672 on the first day of the month to 95 at the time of writing.
On the other hand, an ETH whale, nd4.eth, sent 2,500 coins to a dead wallet after his “girlfriend” allegedly “cheated on him.” The burned tokens are currently worth over $4.5 billion. On-chain data shows that nd4.eth still holds 32 different crypto assets and a CryptoPunk NFT — all worth around $196,000.
Moreover, Santiment data shows that the amount of Ethereum supply outside exchanges has been constantly hitting new all-time highs since March. Per the data, 35.9 million coins are sitting in non-exchange addresses, showing signs of long-term accumulation.
Ethereum has been consolidating between $1,825 and $1,870 over the past week. The asset is up by 0.2% in the past 24 hours and trading at around $1,830 at the time of writing. The upward momentum comes as ETH’s 24-hour trading volume surges by 25%, currently sitting at over $3.5 billion.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Singapore Announces $150 Million Fund For Web3 and New Tech
The Monetary Authority of Singapore (MAS) is to invest $150 million over the next three years in web3 startups and other technologies, MAS said in a statement.
“MAS recognises the importance of partnering with the industry to support innovative FinTech solutions arising from emerging technologies such as Web 3.0,” it said before adding:
“MAS will conduct open calls for the use of innovative technologies in industry use cases. Grant funding will be provided to support actual trial and commercialisation.”
This is the first time a government entity invests in crypto innovation, with Ravi Menon, the Managing Director at MAS, stating:
“We look forward to continued collaboration with the industry to advance purposeful financial innovation.”
The investment will be under the renewed Financial Sector Technology and Innovation Scheme (FSTI 3.0) which has been running since 2015 but includes Web3 for the first time.
It aims to “accelerate and strengthen innovation by supporting projects that involve the use of cutting-edge technologies.”
Web3 is an umbrella term used to describe the new wave of innovation that integrates blockchain tech in apps and websites to decentralize the web.
It is a fairly new term, with one of its promise being the ownership of data. Currently, the Tweets you tweet or who you follow are owned by Twitter.
When there was an attempt to migrate away from it, people found it difficult as you can not import your data. You have to start from scratch while losing all the Twitter history or the connections (follows) built up over the years.
That migratory attempt thus failed, giving Twitter a monopoly of sorts. Likewise for Reddit, which was able to withstand a user backlash due to exorbitant fees for API access because the users can not just take the data and leave, they have to start from scratch. 
