Leading crypto analytics firm Santiment assesses the status of Bitcoin (BTC) and Ethereum (ETH). Santiment has important implications. Let’s examine the company’s predictions together…
Santiment: Ethereum holders are making history! Stock market supply is falling
According to analytics firm Santiment, the amount of Ethereum held by crypto exchanges is currently at its lowest level in more than two and a half years. Santiment adds the following to his explanations on the subject:
Ethereum holders continued to make history by cutting the percentage of ETH held on exchanges to the lowest since November 2018.
Santiment: This is a bullish sign for the leading altcoin Ethereum
The crypto analytics firm argues that the decline in these metrics is a bullish sign for the second largest cryptocurrency. Santiment adds the following to his explanations on the subject:
Falling below 18% for the first time in 31 months reduces the risk of a large future sale.
Santiment: Funds moving away from exchanges reduce risk of big sales
Santiment says that Bitcoin has witnessed a similar situation, albeit in a shorter time frame. Santiment adds the following to his explanations on the subject:
After Bitcoin’s mid-May crash, the supply of BTC sitting on exchanges has steadily dropped and has been locked in for protection by HODLers (wait for life). This is a good sign for the bulls, as funds moving away from the exchanges reduce the risk of big selling.
Santiment: ETH whales are increasing and accumulating rapidly!
Santiment says that the amount of Ethereum in the hands of large investors has recently reached the highest level in about four years. Santiment adds the following to his explanations on the subject:
Our whale watching data shows that the ETH whale address holding more than 10,000 coins holds 70% or more of the supply for the first time since September 2017.
Santiment: ETH surpasses Bitcoin in this metric!
In addition, Santiment says that this week, Ethereum’s address activity surpassed Bitcoin for the first time as the price recovered from the levels recorded in March. Santiment adds the following to his explanations on the subject:
For the first time in crypto history, ETH address activity is above BTC address activity as fiyadollarsar hits above $2,100.
Santiment: Altcoins are seeing a resurgence because of these metrics
According to the crypto analysis firm, the increase in Ethereum address activity has caused a noticeable revival in altcoin prices. Santiment adds the following to his explanations on the subject:
Altcoins have experienced quite a revival in the last 36 hours. Much of this can be attributed to address activity data showing that ETH is outpacing BTC.
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