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Prominent crypto analytics platform Santiment is alerting that several altcoins may be flashing a bearish signal.
In a post on the social media platform X, Santiment says that some altcoins – including Sam Altman’s digital identification platform Worldcoin (WLD) and memecoin SPX6900 (SPX) – are being sent to exchanges in relatively large volumes.
Generally speaking, coins being sent to exchanges is bearish since it implies more of the supply is available to be sold off on the open market. Other coins flashing the bearish signal include the governance token of the cloud-based blockchain platform Onyxcoin(XCN), the native asset of the automated staking service Lido DAO (LDO) and the utility token of digital asset exchange Crypto.com (CRO).
“Several cryptocurrencies you may not have on your radar are seeing $1 million+ levels of coins moving to exchanges. This weekend, keep an eye on:
XCNFDUSDSPXLDOCROWLD.”
Looking at Bitcoin, Santiment says that large BTC wallets, or those holding at least 100 coins, are currently at their second highest level since December of 2017 – which was near the peak of that bull market.
“Bitcoin’s market value has surged back to as high as $105,970 on a bullish crypto Friday full of positive movement. One thing to watch closely is the amount of wallets holding at least 100 BTC, which rose to 17,799 addresses just prior to this one-month high price milestone.”
Santiment also says that conversations regarding inflation data, payments altcoin XRP and artificial intelligence (AI) are some of the key narratives currently driving the crypto markets.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
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