Mexican Dilemma in the Cryptocurrency Market: Vital Bull and Bear Signals Arrived at the Same Time

On-chain analysis platform Santiment said that the cryptocurrency market gives both bullish and bearish signals.

In his post dated July 31, Santiment included current signals from the cryptocurrency market. Pointing to the Ethereum outflows in the stock markets as a bull signal, analysts emphasized that this data is at the peak of 2 months.

Ethereum outflows on central cryptocurrency exchanges reached 80,800 thousand ETH, the highest level in 2 months:

Ethereum experienced an outflow of 80.8 thousand ETH from exchanges, the highest level in 2 months. This reflects less risk of future sell-offs that could negatively impact the price of ETH.

Tether is with the bears

Contrary to the bullish signal seen on the Ethereum side, a more bearish picture was drawn on the Tether (USDT) side. According to the data, Tether outflows on the exchanges reached 346 million USDT, the highest level of the last 5 months.

Stating that this situation will limit purchase-side liquidity for investors in the future, Santiment interpreted it as an obvious bear signal for the market:

Tether experienced an outflow of 346 million USDT from the exchanges, the highest level in 5 months. This shows that traders have less purchasing power for future purchases; which is often a necessary ingredient to increase prices in the long run.

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