Aug 11
This is a follow up to a User Behavior Indicator introduced earlier.
Long story short, we keep an eye on a group of "sharks" in stablecoins, the ones holding $10K-$100K in USDT and USDC:
Did they buy the dip, did they sold the top? What did they swap their stables to?
We did a short research and found out that the recent decline in both stablecoin holdings is connected with the following moves:
44% – Sent to CEX
7% – Swapped to ETH
7% – Deposited into Aave as collateral
4% – Swapped to RLB
3% – Swapped to DAI, deposited into Maker
3% – Swapped to USDC, opened leveraged positions on dYdX
Other transactions were either wallets reshuffling or unclear.
Aug 7
You can see that during all major USDT depegs in the past, there were massive spikes of Age Consumed, meaning a lot of previously dormant coins got moving on-chain. But this time it's quieter than even, no major movements can be noticed. What could be the reason behind this lack of movement? Is no-one interested in capturing some arbitrage?
Feb 10
CoinMarketCap's data shows that the top three AI tokens with the highest market capitalization are The Graph [GRT], SingularityNET [AGIX], and Fetch.ai [FET].
Although these cryptocurrency assets experienced substantial growth during the past week, on-chain analysis revealed that their prices respective prices peaked on 8 February and have since declined. The decline in price was attributable to the corresponding drop in new demand for these assets. Due to a lack of sufficient liquidity to boost prices, it is likely that the prices of these assets will continue to decline.
Feb 6
The APT token experienced a substantial price decline in the last week following a prolonged rally. According to CoinMarketCap, APT ranked as the cryptocurrency asset with the most losses in the last seven days.
A look at the daily chart revealed that holders have heavily distributed their APT tokens. The position of the CMF lent credence to this. It was positioned at -0.01 at the time of writing. A negative CMF indicates a decline in buying pressure and is usually accompanied by a price drawdown.
Further, the Aroon Up Line was in a downtrend at 21.43%. When the Aroon Up line is close to zero, the uptrend is weak, and a price decline is underway.
Weighted sentiment for APT was negative and has so been since the month started. This showed that negative sentiment lingered in the market as investors remain unsure of a continued price rally.
Feb 1
It is no longer news that Ether [ETH] had an impressive run in January. Within that 31-day period, the leading altcoin's price rallied by over 30%. The price jump also caused it to trade at levels last seen prior to FTX's unexpected implosion.
However, as profit-taking intensifies, the alt might be gearing up to shed some (if not all) of its gains in February. A look at ETH's Aroon Indicator on the daily chart revealed that bullish sentiment has weakened significantly in the past few weeks. The Aroon Up line was spotted at 21.43%.
Usually, when the Aroon Up line approaches zero, it suggests a weak uptrend and a distant recent high, indicating the possibility of a trend reversal.
Also, currently, there is a dearth of new demand to help drive up the alt's price.
Dec 21
Optimism, one of new blockchains with increasing TVL and onchain activity, has shown quite some weird action recently, namely extremely high transaction volume of stablecoins on it:
Average USDT or USDC transaction volume on Optimism is less then $10M. The anomaly above skyrocketed both to above $1B.
Liquidity mining? Washtrading?
We can check token velocity:
Velocity was super high around that days.
Active addresses?
No anomalies in active addresses, only a healthy trend.
Additionally, we can see a similar anomaly on OP token itself:
It also coincided with a top of OP price against BTC and maximal bullishness in crowd.
There is probably some connection, we just don't know which one. Do you?
Keep an eye on Optimism, there a lot of things going on.
Bonus details:
- This address was executing huge amount of transfers: https://optimistic.etherscan.io/address/0xb1f190bf99fea986e2d4d99abb5be1a649d5247d
- An example of transaction: https://optimistic.etherscan.io/tx/0x7655c475d270e12aaf4aec9f4df027693d011ab2807a0925e2ddea2f1c62d52a
- Charts used: https://app.santiment.net/s/2ItCEZTF
Nov 23
There is an increasing demand in self custody. People are going to be using decentralized exchanges and stablecoins as a proxy more often. And this is how we see stablecoins usage on Ethereum compared to Arbitrum.
1. USDT, active addresses compared on a shared axis. Red — USDT on Ethereum, yellow — USDT on Arbitrum:
2. USDT, active addresses in different scales, to see the trend. Red — USDT on Ethereum, yellow — USDT on Arbitrum:
Observations:
- Stablecoin activity on Ethereum is way higher than on Arbitrum yet.
- Arbitrum stablecoin activity almost doubled, while it remain just slightly increased on Ethereum.
The above and few more charts for your review:
https://app.santiment.net/s/MIUbWQOa
Feb 22
An answer to this question can be approached by a set of metrics.
Normally people looking for funding rates of derivatives markets data. We can do it on Santiment platform simply using onchain data for stablecoins. And see how actively they are circulating.
- 1. Circulation 7d, a number of unique stablecoin tokens transacted weekly
2. C7 / MC, it's simply Circulation 7d divided my Marketcap, so we have it normalized
USDT metrics against BTC price:
DAI metrics against BTC price:
If you'd like to take risk when others do not like it, we might be there. In the area of historically quite low activity of stablecoins.
Charts layout: https://app.santiment.net/s/-78LUJmh
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
