Crypto analytics firm Santiment is digging into the accumulation and outflow data to see what’s next for Ethereum (ETH) and Bitcoin (BTC).
The market insights agency says that the biggest Ethereum whales continue to buy into the leading smart contract platform despite ETH recently dropping nearly 20% in price over the past month.
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“Ethereum’s billionaire addresses (holding 1m to 10m ETH) have shown nice price alpha, historically.
Currently, these addresses hold 21.6% of all ETH. They have accumulated 2.2% more of the supply over the past 6 months despite the price correction.”
At time of writing, Ethereum is up 3.36% and trading for $2,619.
Moving on to leading digital asset Bitcoin, the analytics firm highlights the continuing trend of BTC being moved off of crypto exchanges. Santiment thinks outflow spikes could indicate a future rise in price for Bitcoin.
“Bitcoin continues to see coins moving off of exchanges while prices are near a 6-month bottom.
Interestingly, 21 of the past 26 weeks saw BTC moving more off of exchanges than on to exchanges.
Look for major outflow spikes as price rise indicators.”
Bitcoin is bouncing back slightly after falling below the $38,000 level for the first time in two weeks.
Currently, BTC is up 3.2% and priced at $38,641.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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