Crypto insights agency Santiment is revealing that the behaviors of a bunch of traders could also be a adverse signal for the market.
According to Santiment, sharks, or entities that maintain between 10,000 and 100,000 of a selected crypto asset, are accumulating stablecoins Tether (USDT) and USD Coin (USDC) at the same time as the costs of crypto property admire.
The market intelligence firm says this is a sign of the doubts traders have over the sustainability of the latest crypto market rally.
“Tether and USD Coin shark addresses have been accumulating coins as crypto prices have risen. This accumulation indicates a disbelief in the rally, and a reluctance to buy in, also known as a ‘wall of worry.’”
Santiment says the sharks are reluctant to purchase right into a bullish thesis for crypto property following the latest bounceback.
“What we’re seeing here, is that for the last 2-3 weeks (despite the price growth of Bitcoin, Ethereum and others) they haven’t been too keen on parting ways with their stablecoins, even doing the opposite. This could be interpreted as disbelief in this price rally, reluctance to buy in.”
The crypto analytics agency additionally takes a take a look at the addresses of Ethereum (ETH) scaling resolution, Polygon (MATIC).
According to Santiment, the Token Age Consumed metric of Polygon, which is usually used to identify native tops, has hit an all-time excessive. The metric measures the quantity of tokens altering addresses on a selected date multiplied by the point handed because the earlier motion.
“MATIC’s Token Age Consumed [metric] has hit an all-time high, indicating older addresses have moved assets swiftly. We can also see Polygon’s mean dollar age has also decreased, validating that older, dormant addresses have just moved a large chunk of coins.”
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