Santiment, a behavior analysis platform, has published new data for 2 giant cryptocurrencies in the past saadollarser. Noting that they are at their lowest levels in their history, the analysis firm states that the amount moved from the stock markets is approaching the levels of four years ago. While the amounts coming out of the exchanges attract a lot of attention, the data shared on Twitter is as follows…
Leading cryptocurrency transfers to cold wallets
According to Santiment’s first tweet, Bitcoin’s supply is approaching its lowest level this year. Meanwhile, the BTC supply moved from exchanges is at levels similar to those witnessed in late fall 2018. Stating that this data will reduce the risks of Bitcoin sales by “weak hands” from the crypto money world in the near future, the analysis firm reports that investors are transferring their BTC to cold wallets for long-term protection, according to its report. Santiment’s sharing is as follows:
Ethereum holders are also withdrawing from the markets
After Bitcoin, the second name withdrawn from exchanges is Ethereum, the leading altcoin. According to Santiment’s tweets, ETH, which was withdrawn in large amounts from exchanges, reached April 2017 levels in the first week of July. Examining the Exchange Flow Balance, the firm reports that despite the price of Ethereum, it has been removed from exchanges to be kept safe by its owners. You can check out the chart from the Santiment tweet below…The next important data is the amount of BTC purchased on the drop…
(mtag101703)310. 000+ wallets buy 241,000 BTC on the drop
Cryptocoin. com, according to data released by IntoTheBlock on Thursday, the world’s largest cryptocurrency was trading between $30,000 and $31,000 at the end of June, while 314,000 crypto wallet holders fell by 241,000. He buys BTC. For Bitcoin, which is trading at around $33,500 at the time of writing, crypto expert and veteran commodity investor Peter Brandt believes that “BTC could drop below the critical $30,000 level in the near future and drop to $20,000 or even below.”
Finally, Bloomberg chief commodity strategist Mike McGlone believes that in the second half of 2021, Bitcoin will continue its bullish move towards its $100,000 target, with crude oil currently trading in the $70 region and falling to $50. At the time of writing, Bitcoin is trading at $33.524.04, while the leading altcoin Ethereum is trading at $2,165.95. A stagnant atmosphere prevails throughout the market, with altcoin AXS growing by 20% in 24 hours, becoming the top performer.