Santiment Identifies Bullish Signal Amid Crypto Market Downtrend
Date: 2024-01-21 Author: Dima Zakharov Categories: BLOCKCHAIN
In the midst of the prevailing bearish trend that has gripped the cryptocurrency market, Santiment, a prominent market analysis platform, has identified a glimmer of hope. Santiment's experts have pinpointed a potentially bullish signal, signaling a possible shift in market sentiment.
Santiment's market sentiment analysis reveals that major investors are showing increased activity in Bitcoin (BTC), Tether (USDT), and USD Coin (USDC). The accumulation of these cryptocurrencies by significant holders could be a pivotal factor in a potential market recovery.
Furthermore, the analysis by Santiment has highlighted the strategic accumulation of these cryptocurrencies by major holders, paving the way for a bullish reversal and the potential retesting of the two-year high achieved last week.
Additionally, Santiment's research indicates that wallets containing 10,000 to 10 million Bitcoins (BTC) currently make up 66.27% of the total number of addresses. This percentage is the lowest since September 26, 2018.
Santiment's report underscores that the current Bitcoin (BTC) reserves are at their lowest since June 20, 2023, totaling just 12.99 million coins. Notably, the market value of these tokens exceeds $530 billion.
Large holders of Tether (USDT) and USD Coin (USDC) have exhibited similar dynamics. Wallets with balances ranging from 100,000 to 10 million USDT account for 33.98% of the supply, while owners of 100,000 to 10 million USDC hold 35.49% of the supply. Over the past six months, these wallets have reduced their holdings by 4.02% and 3.05%, respectively.
