Prominent crypto analytics platform Santiment warns that several altcoins may be flashing a bearish signal.
In a post on social media platform X, Santiment says that some altcoins – including Sam Altman’s digital identification platform Worldcoin (WLD) and memecoin SPX6900 (SPX) – are sent to exchanges in relatively large volumes.
Generally speaking, coins sent to exchanges are bearish because it means more of the supply is available to be sold on the open market. Other coins flashing the bearish signal include the governance token of cloud-based blockchain platform Onyxcoin
(XCN), the original asset of the Lido DAO automated stake service (LDO) and digital asset exchange utility token Crypto.com (CRO).
“Several cryptocurrencies you may not have on your radar are seeing $1 million+ levels of coins move to exchanges. This weekend, keep an eye on:
XCN
FDUSD
SPX
LDO
CRO
WLD.”
Looking at Bitcoin, Santiment says it’s so big BTC wallets, or those holding at least 100 coins, are currently at their second highest level since December 2017 – which was near the peak of that bull market.
“Bitcoin’s market cap has rebounded to as high as $105,970 on a bullish crypto Friday full of positive moves. One thing to watch closely is the amount of wallets holding at least 100 BTC, which rose to 17,799 addresses just before this one-month high price milestone .”
Sentiment too says that calls regarding inflation data, payments altcoin XRP and artificial intelligence (AI) are some of the key stories currently driving the crypto markets.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
