We recently posted about Ethereum's return above $2,000 this past week, and our explanation on one of the key contributors to why.
When active addresses move up over time for a crypto asset, while active deposits move down, it's a reliable indication of a token seeing growing utility without funds moving to exchanges for potential sell-offs. In other words, this is a very bullish pattern our pro traders look for often.
Our new Daily Active Deposits & Non-Deposit Activity Sansheets Model easily identifies which assets are developing patterns similar to Ethereum's. Here's a snapshot of which activity vs. deposit ratios are rising vs. their 3-month resting averages:
Here are some of the largest bullish divergences, according to this model. We look for high green bars (indicating large activity/deposit ratios), and large green dots on the above model, and rising orange lines on Sanbase here:
Enjin Coin ($ENJ)
Taking a look at our Whale Holders Distribution model, we're seeing some interesting trends with where major holders are accumulating funds. Let's review which coins are rising with more whales, and which are seeing their numbers drop off:
This Sansheets model above, available for our Sanbase PRO members, quickly lets us investigate which projects have seen the highest increase and decrease in whale numbers over the past week (indicated in blue).
More Whale Addresses
Yearn Finance ($YFI)
Less Whale Addresses
Generally, we can look at how a token's supply on exchanges is looking in order to help see cues that an asset can safely grow without large selloffs. The best opportunities generally arise through assets with declining supply on exchanges. Here are the two best, as well as two worst looking options that we're seeing from this metric's standpoint!