Bitcoin Exodus
Data from Santiment reveals that Bitcoin has experienced a significant drop in holders, marking the largest 3-day decline since March. This indicates that investors are selling their Bitcoin, likely due to concerns about further price drops.
Ethereum’s Continued Growth
In contrast, Ethereum’s “Total Amount of Holders” metric has remained on an uptrend, with the network setting new highs. This suggests that ETH investors are not experiencing the same level of fear as Bitcoin holders.
Implications for Price
Historically, fear in the market can lead to price reversals. With Bitcoin investors expressing concern, it’s possible that the coin could be nearing a bottom.
Ethereum’s Resilience
Ethereum’s continued adoption indicates that its users are not yet worried about the price. However, it’s worth noting that assets can move against investor expectations, so this resilience may not be a bearish sign.
Current Price
At the time of writing, Bitcoin is trading at around $64,700, down 3% in the past week.
