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Introduction

In this special Thanksgiving edition livestream, Maksim Balashevich, the founder of Santiment, shared a focused 15-minute market analysis. Using Santiment's data tools, he shared key insights about Bitcoin's price movements and the growing interest in altcoins. Let's break down the main points from his update.

Setting the Stage: A Quick Market Overview

Maksim started by stating that the bull market isn't over yet, backing this up with clear data. He designed this special edition to be short but packed with valuable insights about current market trends.

Bitcoin's Key Metrics: A Two-Part Analysis

How Small Wallets Are Behaving

The first key metric shows how smaller Bitcoin holders are acting. Right now, these wallets are selling rather than buying more. This is actually a good sign - usually when the market is about to top out, small wallets buy heavily. Since we're not seeing that behavior, it suggests we're not at a market top yet.

How Profits Are Being Taken

The second metric looks at how people are taking profits. Current data shows traders are taking profits in a steady, healthy way. This suggests people are making rational decisions rather than getting caught up in market excitement.

Alt Season Analysis: What the Numbers Show

Looking at social media conversations, Maksim found that talk about alt season is increasing but hasn't hit extreme levels yet. Alt season discussions make up about 15% of crypto conversations - a notable amount, but not at the fever pitch seen in previous cycles.

Deep Dive: ENS Case Study

Maksim's analysis of ENS (Ethereum Name Service) revealed several positive signs:

• More people are following ENS on Twitter since September
• More people are talking about ENS on social media
• More addresses are actively using ENS
• Large holders (whales) are buying more
• The token is being traded and distributed healthily

Comparing ENS and Uniswap

While Uniswap has some good things going for it, including positive regulatory news in the US, Maksim found that ENS shows stronger signs of growth and healthy trading patterns. The key differentiator was the lack of strong token distribution patterns in UNI.

Technical Analysis: Elliott Wave Perspectives

The session concluded with an Elliott Wave analysis of both Bitcoin and ENS. For Bitcoin, Maksim suggested the possibility of one or two more tops in the current structure. ENS similarly showed potential for two more tops in its wave structure.

Conclusion: Market Navigation Strategy

This Thanksgiving update provided clear signals that while we're in a bull market, we're not yet seeing the typical signs of a market top. The analysis suggests continued upside potential, particularly in select altcoins like ENS, while emphasizing the importance of monitoring key metrics for any signs of market exhaustion.

Maksim's analysis shows how looking at different types of data - from social media trends to trading patterns - can help understand where the crypto market might be heading. For anyone involved in crypto, these insights can help make better-informed trading decisions.

Want to make better crypto trading decisions? Check out Santiment's platform to access these same tools and metrics.

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