Ethereum [ETH]
However, the possibility of investors selling BTC and ETH seemed unlikely to happen, especially at a time when the market gained bullish momentum. Therefore, taking a closer look at both the cryptos provided a better understanding of what was actually going on in the crypto market.from KuCoin, BTC’s assets were 17,617.5 at press time, a decrease of 4%. ETH also dropped by more than 3%. Additionally, users’This suggested that investors were actually selling their holdings.
While this suggested that buying sentiment was dominant, it was surprising to see that the total number of holders actually dropped in the recent past.However, its Supply outside of Exchanges also rose, which was intriguing to watch. Also, unlike BTC, ETH’s Total Amount of Holders rose last month. In fact, whale confidence in ETH was also high, which was evident from the rise in ETH’s supply held by top addresses.
Additionally, BTC’s funding rate was green, meaning that investors in the derivatives market were buying at this higher price.While most metrics were bullish on BTC, the same was not true for Ethereum, as a few market indicators suggested that the bears might have buckled up. For example, ETH’s Chaikin Money Flow registered a downtick after a steep hike.
Its Relative Strength Index also went down slightly, which increased the chances of a southward price movement in the days to follow. Nonetheless,The overall market sentiment also remained bullish, which was evident from LunarCrush’s data. Bullish sentiment around ETH grew by 13% last week, while bearish sentiment around the token dropped by more than 50%.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry.