Traders May Be Looking To Close ETH Positions: Santiment Report
2022.07.27 22:53
Traders May Be Looking To Close ETH Positions: Santiment Report
- Data from Santiment highlights some anomalies in ETH’s metrics.
- Traders may be looking to exit their ETH positions as the exchange supply for ETH has risen.
- The price of ETH is currently $1,446.82.
Recent data released by the blockchain analysis firm Santiment shows some interesting anomalies to watch out for as Ethereum (ETH) traders prepare for the Fed and GDP information coming out this week.
The data shows that the competition for block space is getting less and less intense over time, which means that market participants aren’t in a FOMO frenzy these days.
ETH supply on exchanges has spiked recently, with the exchange supply accounting for 0.5% of the total supply. This comes after 500k ETH were added to exchange wallets, which may indicate that traders are either looking to exit their positions – anticipating an upcoming price fall – or anticipating the release of negative GDP and Fed data.
Exchange supply is not the only metric that has increased. ETH address activity also experienced a spike today. In fact, it was the largest address activity spike to date. On the lower time frames, the activity appears to be very coordinated. Investors need to be careful as this may be some kind of large-scale airdrop farming operation.
At the time of writing, ETH’s price is up 1.97% over the past 24 hours according to CoinMarketCap. The coin is now trading at $1,446.82. Its price is however still down 7.88% over the past week.
ETH’s total market cap now stands at $176,194 billion, and ETH has strengthened against the crypto market leader, Bitcoin (BTC), by approximately 1.53%, as one ETH is now worth $0.06829 BTC.
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