Santiment, a cryptocurrency analysis company that provides data-driven insights about cryptocurrency networks and market behavior, has published an article on its website evaluating the latest situation in Bitcoin and Ethereum.
Santiment: "Users Move Their Coins Less Than The Price They Bought"
According to Santiment, many traders bought over $30,000 in Bitcoin and over $2,000 in Ethereum in the past week in hopes of capturing the uptrend. However, as the markets pulled back, these traders took losses and began to move their coins below the prices they achieved.
According to the claim of Santiment analysts, since Thursday, the number of traders who transferred their coins above the price they bought was three times higher than the number of traders who transferred their coins at a lower price than they received.
📉 With many traders #FOMO'ing in #Bitcoin above $30k and #Ethereum above $2k this past week, loss transactions have mounted as markets pulled back. Since Thursday, traders are moving coins below prices they obtained them at 3 times as often as above. https://t.co/6Coh9qurWk pic.twitter.com/2UsqszC6jm
— Santiment (@santimentfeed) April 22, 2023
Santiment also provides a variety of metrics and signals to measure social sentiment, development activity, on-chain data, and behavior of holders of different cryptocurrencies.
According to Santiment analysts, this could mean that they are selling their coins at a loss, which may indicate that they are trying to reduce their losses before they drop further. However, some investors may also move their coins lower than the price at which they bought them for other reasons, such as diversifying their portfolio, making profits from other coins, or participating in other crypto activities.
*Not investment advice.