The 10 Largest Exchange Wallets on Ethereum's, Shiba Inu's, Fetch.AI's, and Dent's Networks are Easing Future Sell-Off Pressure!
Altcoins are surging once again, with $ADA now above $0.65 and $SOL amazingly closing in on $100. But keep an eye on $ETH, $SHIB, $FET, and $DENT. These four assets are all seeing their top 10 respective exchange wallets move coins away from exchanges, which is generally a #bullish long-term signal. In the past 3 months, the top 10 wallets on:
- Ethereum hold $778.7M less (4.3% drop)
- ShibaInu hold $54.6M less (2.7% drop)
- FetchAI hold $48.2M less (26.1% drop)
- Dent hold $867.5K less (1.5% drop)
Historically, we see correlations with price rises when coins are gradually moving out of large exchange wallets and into large self custody wallets. This is, of course, a small sample size of moving coins. But it is certainly a sign of strength when sell-off pressure is lightening in key assets you may be holding.
There is an even better argument for bullish conditions when a network's whale exchange addresses are shrinking simultaneously with the whale non-exchange addresses growing. We will have more analysis on the assets that are seeing this particular setup shortly.
Mix and match assets based on the ones you hold (or want to hold) in your portfolio, and see what others in #crypto can't. Enjoy a free trial with Santiment here, and never look back!