Cryptocurrency analytics platform Santiment is raising a red flag, suggesting that several altcoins might be showing bearish signals.
In a post on the social media platform X, Santiment reveals that certain altcoins, such as Worldcoin (WLD) and SPX6900 (SPX), are experiencing significant inflows to exchanges.
Typically, when coins are moved to exchanges in large volumes, it indicates a bearish trend as more supply becomes available for selling on the market. Other coins exhibiting this bearish signal include Onyxcoin (XCN), Lido DAO (LDO), and Crypto.com (CRO).
“Several lesser-known cryptocurrencies are witnessing large amounts of coins being transferred to exchanges, exceeding $1 million. Keep an eye on:
XCN
FDUSD
SPX
LDO
CRO
WLD.”
Regarding Bitcoin, Santiment highlights that the number of large BTC wallets, with holdings of at least 100 coins, is currently at its second-highest level since December 2017, near the peak of the previous bull market.
“Bitcoin’s market value surged to $105,970 amid positive movement on a bullish crypto Friday. Keep a close watch on the wallets holding at least 100 BTC, which have reached 17,799 addresses before this recent price milestone.”
Santiment also notes that discussions on inflation data, XRP, and artificial intelligence (AI) are major factors influencing the current crypto market trends.
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