Ethereum (ETH), Shiba Inu (SHIB), and Fetch.ai (FET) Show Reduced Supply Held by Top 10 Holders on Exchanges, Signaling Bullish Sentiment
Cryptocurrency Analytics Platform Santiment has recently identified three digital assets that are demonstrating promising long-term prospects. These assets, Ethereum (ETH), Shiba Inu (SHIB), and Fetch.ai (FET), have witnessed a decrease in the supply held on exchanges by their top 10 largest holders, which Santiment views as a strong indicator of bullish sentiment within the crypto market.
Santiment’s bullish signal: Decreasing supply on exchanges
According to Santiment’s analysis, the movement of these three cryptocurrencies by their respective top 10 holders away from exchanges is considered a “bullish long-term signal.” This signifies that large holders of these digital assets are opting to hold them in private wallets or utilize them for other purposes, rather than keeping them readily available for trading on exchanges.
Fetch.ai (FET): Santiment reports that the top 10 largest wallets holding Fetch.ai (FET) tokens have reduced their holdings on exchanges by a substantial 26.1% in the past three months. This reduction indicates growing confidence in the project’s long-term potential and may suggest that these top holders anticipate a price increase.
Ethereum (ETH): Ethereum, the second-largest cryptocurrency by market capitalization, has seen a 4.3% decrease in the holdings of its top 10 wallets on exchanges over the last 90 days. This trend aligns with Ethereum’s recent performance, where its market value has hovered just above $2,170. Additionally, in a 24-hour period, approximately 240,000 ETH was moved from large exchange wallets, resulting in a 2.99% decrease in the number of coins held on exchanges.
Shiba Inu (SHIB): The top 10 holders of Shiba Inu (SHIB) have reduced their holdings on exchanges by 2.7% within the past 90 days. Shiba Inu is a meme-based cryptocurrency that has garnered attention within the crypto community. While its price remains at a fraction of a cent, these reduced holdings suggest that top holders believe in the token’s long-term potential.
Current prices and performance
As of the time of writing, Ethereum (ETH) is trading at $2,306, while Shiba Inu (SHIB) is changing hands at $0.0000106. Fetch.ai (FET) is priced at $0.729, reflecting a remarkable 259% increase from its October 23rd price of $0.203. These price movements underscore the market’s dynamic nature and the potential for substantial gains within the crypto space.
Earlier this week, Santiment reported that the Ethereum (ETH) supply on cryptocurrency exchanges had reached a new low since the official launch of the second-largest cryptocurrency by market capitalization.
This observation aligns with the broader trend of investors moving their Ethereum holdings into private wallets or other storage solutions, a behavior typically associated with a bullish outlook on the asset.
“As Ethereum’s market value hangs just above $2,170, the largest exchange wallets move coins into smaller wallets or off exchanges entirely. 240,000 ETH has been collectively moved from these wallets in 24 hours, a 2.99% drop in coins held.”
