Ethereum (ETH) holders are on the rise, even as the cryptocurrency’s price continues to fall. According to analytics platform Santiment, ETH wallets have been increasing while Bitcoin (BTC) wallets have been decreasing since mid-March.
Bitcoin Holders Liquidating
Santiment notes that Bitcoin holders have recently experienced their biggest three-day drop in non-empty wallets since before the March 14th all-time high. Unlike then, BTC has been declining, prompting traders to sell off for fear of further losses.
Ethereum Wallets on the Rise
In contrast, Ethereum wallets continue to grow in number. Despite ETH’s current price of $3,400, which is down over 4% in the last 24 hours, holders remain bullish.
Altcoin Sentiment Declining
Santiment also reports that social media mentions for XRP, Dogecoin (DOGE), and Shiba Inu (SHIB) are declining, suggesting a potential market bottom for these assets.
Altseason Mentions Drop
Lastly, Santiment observes that declining mentions of an altseason on social media indicate that the broader altcoin market may also be approaching a bottom. When traders become overly optimistic about altcoins, it often signals a market peak. The recent decline in altseason mentions suggests that crowd fear is growing, which could lead to a market reversal.
