- The supply of BTC on the exchanges fell as the price rose above $28,000.
- The price of ETH also rose over 9% last week, but a few indicators were bearish.
KuCoin, a popular crypto exchange, recently published its asset reserve certificate, showing that users Bitcoin [BTC] And Ethereum [ETH] possessions. The latest report indicated a decline in the numbers, which meant investors were selling their assets.
Read Bitcoins [BTC] Price prediction 2023-24
However, the possibility of investors selling BTC and ETH seemed unlikely, especially at a time when the market was gaining bullish momentum. Therefore, taking a closer look at both cryptos provided a better understanding of what was actually going on in the crypto market.
Decoding the graphs of KuCoin
According to the latter facts of KuCoin, BTC assets at the time of writing were at 17,617.5%, down 4%. ETH also fell by over 3%. Moreover, Tether [USDT] assets on KuCoin plummeted 4% compared to the last report.
This suggested that investors were actually selling their holdings. However, upon closer inspection it was clear that this was limited to KuCoin.
Remarkable, BTCThe supply on the stock exchanges has fallen in the past month. Off-exchange supply increased at the same time, proving that investors were buying the coins.
While this indicated that buying sentiment was dominant, it was surprising to see that the total number of holders actually declined in the recent past.
Source: Santiment
Ethereum’s stats were also interesting to watch as they revealed new details about investor sentiment. unlike BTCThe supply on ETH exchanges registered an increase last month.
However, off-exchange supply also increased, which was intriguing to see. Unlike BTC, the total number of ETH holders increased last month. In fact, the whales’ confidence in ETH was high, which was evident from the increase in ETH supply at top addresses.
Source: Santiment
Bitcoin and Ethereum have initiated a bull rally
After much delay, the crypto market finally showed high volatility as the price charts of most cryptos turned green. Bitcoin and Ethereum were no exception. On the one hand, the price of BTC crossed the $28,000 mark as its price rose by more than 7% last week. On the other hand, ETH‘s price rose by more than 9% last week.
At the time of writing, BTC was trade at $28,074.86 with a market cap of over $547 billion, while ETH was valued at $1,723.39 with a market cap of $207 billion. A look at BTC’s stats sheds light on whether the crypto can maintain its rise in the coming days.
From CryptoQuantBTC’s foreign exchange reserve fell, meaning the currency was not under selling pressure. The total number of coins transferred increased by 46.32% in 24 hours, which was a positive signal for BTC.
Furthermore, BTC’s funding rate was green, meaning investors in the derivatives market were buying at this higher price.
Source: CryptoQuant
The state of Ethereum looks risky
While most data was positive on BTC, the same was not true for Ethereum as a few market indicators suggested the bears may have turned their necks. For example, ETH’s Chaikin Money Flow (CMF) recorded a decline after a steep rise.
The Relative Strength Index (RSI) also fell slightly, increasing the likelihood of a southward move in the following days. Nevertheless, ETH‘s MACD remained on the buyers’ side and showed a bullish crossover.
Source: TradingView
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Overall market sentiment also remained bullish, which was evident in LunarCrush’s data. Bullish sentiment around ETH grew by 13% last week, while bearish sentiment around the token fell by more than 50%.
Furthermore, the Altrank also improved in recent days, indicating a continued northward price movement.
Source: LunarCrush