Cryptocurrency insights firm Santiment has revealed that the behavior of a group of investors could be a negative signal for the market.
According to Santiment, sharks, or entities with 10,000 to 100,000 holdings of a particular crypto asset, are trading in the stablecoins Tether (USDT) and USD Coin (USDC), despite the increase in crypto asset prices. are accumulating.
The market intelligence firm said this shows that investors are questioning the sustainability of the recent crypto market rally.
As cryptocurrency prices have risen, Tether and USD Coin shark addresses have accumulated coins. is shown. “
santimento To tell Sharks are reluctant to buy cryptocurrency bullish thesis following the recent rally.
What we are seeing here is that over the last two to three weeks (despite the rising prices of Bitcoin, Ethereum, etc.), there has been less enthusiasm for parting with stablecoins and more opposition. This could be interpreted as distrust and reluctance to buy this price increase.
The crypto analytics firm is also eyeing the address of Polygon (MATIC), an Ethereum (ETH) scaling solution.
According to Santiment, Polygon’s Token Age Consumed metric is typically used to find local tops. strike Best ever. This metric measures the amount of tokens that have changed addresses on a given day multiplied by the amount of time that has passed since their last move.
“MATIC Token Age Consumption [metric] hit a record high, indicating that old addresses moved assets quickly. Polygon’s average dollar age has also decreased, confirming that older dormant addresses have moved large amounts of coins. “
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