Bitcoin Supply on Exchanges Rises, Santiment Reports
Santiment, a market intelligence firm, has advised crypto traders to closely monitor the supply of Bitcoin (BTC) on exchanges. Over the past two weeks, the supply of BTC on exchanges has increased by 3.1%, indicating that traders are securing small profits. This uptick in supply suggests a potential shift in market sentiment.
Synthetix Sees Increased Activity
Santiment also highlighted the increased activity surrounding Synthetix (SNX), a synthetic asset issuer. Since mid-July, there has been a surge in address interactions, social mentions, and new address creations for Synthetix. The platform reported a 21% increase in value for SNX in September, showing signs of a rebound.
Traders Position Buy Orders for Ethereum (ETH)
Data from 21 crypto exchanges reveals that traders have positioned buy orders for 643,000 ETH, worth approximately $584 million. These buy orders exceed existing sell orders for 431,000 ETH by almost 50%. The market demand for ETH exceeds supply by 211,500 coins, indicating substantial support in the $1,500 to $1,600 range.
Majority of Crypto Investors Showing Bearish Sentiment
Despite the current bearish sentiment, it is worth noting the increased demand for Bitcoin and Ethereum. However, overall, the majority of crypto investors are expressing a bearish sentiment after a prolonged decline in the market.
Hot Take: Crypto Market Shows Signs of Recovery Amidst Bearish Sentiment
While the prevailing sentiment in the crypto market remains bearish, there are some optimistic signs of recovery. Bitcoin’s supply on exchanges is growing, indicating traders securing profits. Synthetix has seen increased activity and a rebound in value. Additionally, Ethereum has garnered substantial support with a higher demand than supply. Despite these positive developments, the majority of investors remain bearish. It will be interesting to see if these trends continue and lead to a broader market recovery.
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