Leading crypto analysis platform Santiment reported that some altcoins are showing bearish signals. In his post on social media platform X, Santiment stated that altcoins such as Sam Altman’s digital identity platform Worldcoin and memecoin SPX6900 were sent to exchanges in significant volumes.
Identified Altcoins
Santiment detected similar bearish signals in various altcoins, including geo-based blockchain platform Onyxcoin’s governance token XCN, auto-staking service Lido DAO’s native asset LDO, and crypto asset exchange Cryptocom’s token CRO. The fact that these coins are sent to exchanges in large quantities indicates that the supply is available for sale on the open market, which is usually a negative indicator.
Centiment, Bitcoin $104,967.3 He stated that there was also an increase in the number of wallets. The number of major wallets holding at least 100 BTC has reached the second highest level since December 2017. Bitcoin’s market value increased to 105,970 levels due to the positive movements.
“Bitcoin’s market value rose again with positive movements. The high price milestone at the beginning of this month has been approached.” -Santiment
Market Expectations
Santiment also noted that inflation data, XRP payments, and discussions around artificial intelligence are important narratives shaping crypto markets. These factors are effective in directing the market movements of investors. Warning, Santiment recommended caution against XCN, FDUSD, SPX, LDO, CRO and WLD Coin, especially in the short term.
These changes in the crypto market create potential opportunities and risks for investors. The tendency for coins to be sent to exchanges can provide important indicators about the general mood of the market.
Following market analysis can help investors make informed decisions. Analytical platforms such as Santiment continue to provide valuable information to investors by monitoring market movements.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
