The best leading fundamental metrics Santiment has to offer are making compelling cases for where Ethereum is heading next. Despite the retrace this week, crypto's 2nd largest asset is still +570% in the last 6 months. It's time we dig into whether things can continue, or we're finally cooling off:
Our NVT model shows we're back in green territory, with plenty of token circulation happening at this market cap.
Supply on Exchanges
Ethereum's supply on exchanges continues moving down.
Active Addresses vs. Deposits
Active addresses and active deposits are pretty much both staying in unison, with a slightly concerning slide happening.
Average fees have come back to earth, but remain high compared to where they were at the turn of the year.
MVRV is still abnormally high, as average trader returns need to cool down to reduce risk of entering at this position.
Weighted social sentiment continues indicating positivity from the crowd.
The BitMEX Perpetual Contract Funding Rate is an important way to gauge whether the crowd on one of crypto's top exchanges, is getting overly greedy or fearful.
The metric is defined on our Santiment Academy as a fee paid by one side of the perpetual contract to the other. When the funding rate is positive, Longs pay Shorts. When the funding rate is negative, Shorts pay Longs.
So in essence, as traders, we're looking for high funding rates (greed) to be indicative of a potential upcoming top, and low funding rates to indicate a potential bottom (fear).
Gravity DEX is all about https://twitter.com/cosmos/status/1387764406738640900 retweets
A few references:
A few references:
- Elon, SNL, DOGE - https://twitter.com/elonmusk/status/1387290679794089986
- Ellen, NFT, Cuban - https://cryptobriefing.com/ellen-degeneres-sells-nft-talks-about-dogecoin/
- Refinable - https://twitter.com/__omxr__/status/1387080771748384768
We love to look at different ways to gauge which assets may be under the radar and ready to pump. At the time of this writing, altcoins are pumping hard against Bitcoin once again, just a few days after a market-wide dump that saw retracements all over the map.
For this list, we've put together five charts that show a rising gap between overall daily address activity (high orange lines are generally a good sign), and daily active deposits (low pink lines are generally a good sign).