Santiment
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📊 $BTC #Santiment : Wallets with >10,000 BTC benefited the most from the volatility of the last 6 weeks and accumulated the most BTC in the last ~6 years.
📊 #Santiment : All notable large cap tokens (with the exception of #TON ) are in the “opportunity zone” according to the MVRV indicator.
🧑💻 $BNB #Santiment : Top 20 BSC and Binance Chain coins by development frequency
This list is compiled by counting all notable #github activity of each project, and averaging their daily activity over the past 30 days.
This list is compiled by counting all notable #github activity of each project, and averaging their daily activity over the past 30 days.
📉 #Santiment : $BTC has now fallen to a 2-month low, with most altcoins faring far worse. With many traders buying the dip when #Bitcoin was nearing $60K, longs have been liquidated aggressively the last couple hours. This goes for other top caps like Ethereum and Solana as well.
📊 #Santiment : Altcoins with extremely low funding rates are a great buy signal. For now are actively shorting $CHR , $BAL and $CELR .
📊 #Santiment : According to the #MVRV Z-Score, which determines overvalued and undervalued assets based on the average profitability of traders:
Overvalued: #TON , $BTC , $ETH ;
Underrated: #UNI , $SHIB .
Overvalued: #TON , $BTC , $ETH ;
Underrated: #UNI , $SHIB .
Santiment Analyst Firm Cautions Against Selling Bitcoin To Major Bookmakers
Bitcoin has been experiencing a surge in prices, with the cryptocurrency’s value edging closer to the $30,000 mark. According to a report by Santiment, this has resulted in a polarizing time for the market, with profit taking and fears of a top becoming prevalent.
The report highlights that the five largest transactions of 2023 have all happened in March, with the latest being a massive 20,000 BTC move that briefly went to address 3JZq4atUahhuA9rLhXLMhhTo133J9rF97j before being moved to multiple others.
@azcoinnews
The influx of coins moving back onto exchanges between March 13th to 21st is also notable, as Bitcoin’s price surged up to 28k during this period. However, since then, supply has again been moving off of exchanges.
The report also notes that the total number of active sharks and whales (in yellow) and more dormant whales/exchange addresses (in red) are still rising in March, but the yellow line is rising at a slower pace compared to when prices were bottoming out in November and December.
The percentage held by this same shark/whale yellow line looks concerning when taking a look at the percentage of Bitcoin supply held. After an accumulation pattern up until late January, profit taking has gradually taken effect.
The caution flags raised by the large transactions going on in March and the slide down of the 10-10k BTC address tier (by percentage) and tapering off (by total addresses) suggest that there are legitimate concerns about Bitcoin’s ability to surge to $35,000 and beyond.
The cryptocurrency market has always been volatile, and the recent fluctuations in Bitcoin’s price are no exception. The report by Santiment provides valuable insights into the current state of the market and raises important questions about the future of Bitcoin. It remains to be seen whether the caution flags will result in a slowdown of Bitcoin’s upward trajectory or if the cryptocurrency will continue to surge ahead.
#bitcoin #BTC #Santiment #BTC #azcoinnews
This article was republished from azcoinnews.com
The report highlights that the five largest transactions of 2023 have all happened in March, with the latest being a massive 20,000 BTC move that briefly went to address 3JZq4atUahhuA9rLhXLMhhTo133J9rF97j before being moved to multiple others.
@azcoinnews
The influx of coins moving back onto exchanges between March 13th to 21st is also notable, as Bitcoin’s price surged up to 28k during this period. However, since then, supply has again been moving off of exchanges.
The report also notes that the total number of active sharks and whales (in yellow) and more dormant whales/exchange addresses (in red) are still rising in March, but the yellow line is rising at a slower pace compared to when prices were bottoming out in November and December.
The percentage held by this same shark/whale yellow line looks concerning when taking a look at the percentage of Bitcoin supply held. After an accumulation pattern up until late January, profit taking has gradually taken effect.
The caution flags raised by the large transactions going on in March and the slide down of the 10-10k BTC address tier (by percentage) and tapering off (by total addresses) suggest that there are legitimate concerns about Bitcoin’s ability to surge to $35,000 and beyond.
The cryptocurrency market has always been volatile, and the recent fluctuations in Bitcoin’s price are no exception. The report by Santiment provides valuable insights into the current state of the market and raises important questions about the future of Bitcoin. It remains to be seen whether the caution flags will result in a slowdown of Bitcoin’s upward trajectory or if the cryptocurrency will continue to surge ahead.
#bitcoin #BTC #Santiment #BTC #azcoinnews
This article was republished from azcoinnews.com
USDC Transaction Volume Reaches 5-Month Low, Market Participants Hold Onto Stablecoin
In the world of cryptocurrency, the last few days have been quite eventful. According to data by Glassnode, the USDC transaction volume has just reached a 5-month low of $323,963,029.87. This is a significant decline from the previous 5-month low of $326,393,674.61 that was observed on 31 March 2023.
@azcoinnews
The USDC is a stablecoin pegged to the US dollar, which means that its value remains stable and predictable. It is used by traders and investors to transfer funds between exchanges, as well as to hold value in times of market volatility. The recent drop in transaction volume could be a result of market participants holding onto their USDC, and waiting for better investment opportunities.
On the other hand, the percentage supply of USDC in smart contracts has just reached a 10-month high of 42.272%. This is a significant increase from the previous 10-month high of 42.222%, which was observed on 14 September 2022.
@azcoinnews
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This increase in the percentage supply of USDC in smart contracts indicates that more market participants are using the stablecoin to invest in decentralized applications.
In addition, Santiment, a market intelligence platform, has reported that the combined buying power for USDT, USDC, BUSD, DAI, and USDP is $126.3 billion. The decline in buying power has tapered off this week, which could signal a major increased probability of Bitcoin rising.
@azcoinnews
The first quarter of 2023 has been a good one for the recovering cryptocurrency markets, and a rise in buying power could further strengthen the market. However, it is important to remember that the cryptocurrency market is highly volatile and subject to fluctuations, so investors should exercise caution and do their due diligence before making any investments.
The recent developments in the cryptocurrency market have been noteworthy, with the USDC transaction volume reaching a 5-month low, the percentage supply of USDC in smart contracts reaching a 10-month high, and the combined buying power for stablecoins remaining strong.
#Santiment #Glassnode #azcoinnews #Stablecoins #USDC
This article was republished from azcoinnews.com
@azcoinnews
The USDC is a stablecoin pegged to the US dollar, which means that its value remains stable and predictable. It is used by traders and investors to transfer funds between exchanges, as well as to hold value in times of market volatility. The recent drop in transaction volume could be a result of market participants holding onto their USDC, and waiting for better investment opportunities.
On the other hand, the percentage supply of USDC in smart contracts has just reached a 10-month high of 42.272%. This is a significant increase from the previous 10-month high of 42.222%, which was observed on 14 September 2022.
@azcoinnews
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This increase in the percentage supply of USDC in smart contracts indicates that more market participants are using the stablecoin to invest in decentralized applications.
In addition, Santiment, a market intelligence platform, has reported that the combined buying power for USDT, USDC, BUSD, DAI, and USDP is $126.3 billion. The decline in buying power has tapered off this week, which could signal a major increased probability of Bitcoin rising.
@azcoinnews
The first quarter of 2023 has been a good one for the recovering cryptocurrency markets, and a rise in buying power could further strengthen the market. However, it is important to remember that the cryptocurrency market is highly volatile and subject to fluctuations, so investors should exercise caution and do their due diligence before making any investments.
The recent developments in the cryptocurrency market have been noteworthy, with the USDC transaction volume reaching a 5-month low, the percentage supply of USDC in smart contracts reaching a 10-month high, and the combined buying power for stablecoins remaining strong.
#Santiment #Glassnode #azcoinnews #Stablecoins #USDC
This article was republished from azcoinnews.com
📈 #Santiment : Ethereum's price dominance continues to surge against Bitcoin's, now +22.4% in a week. During this stretch, there have been 89.4K new $ETH addresses created per day, and 96.3K wallets just yesterday.
Additionally, the 2nd largest market cap asset's supply on exchanges is getting close to reaching its All Time Low (since the opening week of trading) of 8.05%. Movement to self custody & staking implies less risk of an impending selloff, as opposed to a more concerning rising supply on exchanges.
Additionally, the 2nd largest market cap asset's supply on exchanges is getting close to reaching its All Time Low (since the opening week of trading) of 8.05%. Movement to self custody & staking implies less risk of an impending selloff, as opposed to a more concerning rising supply on exchanges.
📉 #Santiment : On a 12-month basis, the US CPI report was anticipated to come in at 2.9%. Instead, the result of 3.1% came in today, which has caused market cap bleeding in both crypto and equities.
With $BTC falling back below $49K today after breaching $50K for the first time in over 2 years yesterday, crowd sentiment is likely to become quite polarized with this mild retrace. If there are significant panic sells, dipbuy justification becomes significantly more viable while sentiment turns negative.
Regardless, note that the previous three CPI report months all resulted in significant mid-term cryptocurrency market turnarounds. The next batch of Consumer Price Index data will be released to the public on March 12, 2024.
With $BTC falling back below $49K today after breaching $50K for the first time in over 2 years yesterday, crowd sentiment is likely to become quite polarized with this mild retrace. If there are significant panic sells, dipbuy justification becomes significantly more viable while sentiment turns negative.
Regardless, note that the previous three CPI report months all resulted in significant mid-term cryptocurrency market turnarounds. The next batch of Consumer Price Index data will be released to the public on March 12, 2024.
🤑 $ETH #Santiment : Unlike the previous time that Ethereum crossed above a $4K market value (October & November, 2021), the network is less than 1/6th as cheap per transaction today. With gas fees at a modest $9.35 in gas fees, on average, this can be partly attributed to the improved network fees after the Ethereum 2.0 transition.
Historically, fees staying lower and the network staying less congestion can continue to allow for more use cases and ETH adoption over time.
Historically, fees staying lower and the network staying less congestion can continue to allow for more use cases and ETH adoption over time.
📊 Santiment, the cryptocurrency on-chain analysis platform, reveals that the proportion of ETH balances on exchanges has dropped to 8.07%, the lowest level since the creation of the ETH Genesis block. 📉📈 #Santiment #EthereumRally #CryptoData 📊