According to Santiment, the supply of BTC and ETH on major crypto exchanges is falling and changing flows in favor of bulls
A leading cryptanalysis company evaluates the state of Bitcoin (BTC) and Ethereum (ETH) in the current market landscape.
According to Santiment, the amount of ETH held by crypto exchanges is currently at its lowest level in more than two years.
“Ethereum holders continue to make history by reducing ETH holdings on the exchanges to their lowest level since November 2018.”
The cryptanalyst argued that this decline is a bullish signal for the top altcoin.
“A decline below 18% for the first time in 31 months reduces the risk of a major sell-off in the future.”
Santiment says Bitcoin sees a similar situation as well, albeit for a shorter period of time.
“After the Bitcoin slump in mid-May, the supply of BTC on the stock exchanges has gradually decreased again and is blocked by HODLer in order to stabilize the price.
This is a good sign for the bulls, as funds leaving the exchanges reduce the risk of a massive sell-off. “
Santiment says the amount of Ethereum in the hands of major investors recently hit its highest level in nearly four years.
“Our whale tracking data shows that whale wallets with more than 10,000 ETH now hold more than 70% of the total ETH supply, the highest level since September 2017.”
In addition, Santiment said Ethereum address activity surpassed Bitcoin for the first time this week as the price rebounded from levels last seen in March.
“For the first time in crypto history, ETH address activity was higher than BTC address activity as the price climbed back above $ 2,100.”
Cryptocurrency analysis company for more informations that the increase in Ethereum address activity has helped Altcoins recover significantly.
“Alts have seen sizeable rallies in the past 36 hours or so. Much of this can be traced back to ETH address activity, which outperforms BTC’s address activity. “
According to Dailyhodl