{"id":572294,"date":"2024-01-30T15:00:11","date_gmt":"2024-01-30T15:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=572294"},"modified":"2024-06-11T07:02:47","modified_gmt":"2024-06-11T07:02:47","slug":"bitcoin-rally-legs-left-santiment-explains-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rally-legs-left-santiment-explains-why\/","title":{"rendered":"Bitcoin Rally Still Has Some Legs Left, Santiment Explains Why"},"content":{"rendered":"

The analytics firm Santiment has explained that the current Bitcoin rally could still have some legs left, based on this on-chain trend.<\/p>\n

Bitcoin & Ethereum Leave Exchanges, While Tether Sees Deposits<\/h2>\n

In a new post<\/a> on X, Santiment has discussed the recent trends in the Supply on Exchanges for the three largest assets in the cryptocurrency sector: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).<\/p>\n

The “Supply on Exchanges<\/a>” here refers to a metric that keeps track of the percentage of the total circulating supply of any given coin that’s currently sitting in the custody of the centralized exchanges.<\/p>\n

When the value of this metric goes up, it means that the investors are depositing their coins to these platforms currently. On the other hand, a decline implies net withdrawals are occurring on the exchanges right now.<\/p>\n

Related Reading: Bitcoin Capitulation: Holders Flee BTC As Post-ETF Disappointment Hits<\/a><\/div>\n

What these trends suggest for the given asset and the sector as a whole depends on the type of cryptocurrency it is in question. In the case of volatile coins like Bitcoin and Ethereum, net deposits can be a sign that investors are looking to sell these assets, which can naturally have a negative impact on their prices.<\/p>\n

Since the altcoins generally only see a rotation of capital through these largest cryptocurrencies, a bearish trend for them can have a domino effect on their prices as well.<\/p>\n

Withdrawals for these volatile coins, on the contrary, can be bullish for the market, as they imply the investors are perhaps looking to hold onto their tokens for extended periods.<\/p>\n

Now, here is a chart that shows the trend in the Supply on Exchanges for Bitcoin and Ethereum over the past year:<\/p>\n

\"Bitcoin,<\/p>\n

Looks like both of these metrics have registered a decline recently | Source: Santiment on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin and Ethereum Supply on Exchanges have continued their downtrend following the spot ETF approvals<\/a> for BTC a few weeks back.<\/p>\n
In the same chart, Santiment has also attached the data of the indicator for Tether. It would appear that while BTC and ETH have seen supply move off exchanges, USDT has observed net deposits.<\/p>\n
The largest stablecoin in the sector has witnessed around 4% of its entire supply shifting to these platforms over the last five weeks, which has taken the indicator’s value to the highest point in almost ten months.<\/p>\n
Investors use stablecoins<\/a> whenever they want to escape the volatility associated with assets like BTC and ETH. Such holders who seek safe haven in these fiat-tied tokens instead of fiat itself, though, usually plan to return back to the volatile side of the cryptocurrency sector eventually.<\/p>\n
Deposits of stablecoins can, therefore, be a sign that these investors want to buy back into Bitcoin and others. As such, the sector could see a bullish effect from this dry powder being deployed by the stablecoin holders.<\/p>\n
Related Reading: Bitcoin Top: This Is When Bull Run Will Peak According To Past Pattern<\/a><\/div>\n
“The increase in buying power implies that the mid-term 3+ month #<\/span>bullcycle<\/span> (starting back in October) could still have some legs, particularly with just 79 days until the #Bitcoin <\/span>halving, estimated to occur on April 18th,” notes the analytics firm.<\/span><\/p>\n
BTC Price<\/h2>\n
Bitcoin has made some notable recovery over the last few days as its price has now broken back above the $43,300 mark.<\/p>\n
\"Bitcoin<\/p>\n
The price of the asset appears to have surged over the past few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
The analytics firm Santiment has explained that the current Bitcoin rally could still have some legs left, based on this on-chain trend. Bitcoin & Ethereum Leave Exchanges, While Tether Sees Deposits In a new post on X, Santiment has discussed the recent trends in the Supply on Exchanges for the three largest assets in the cryptocurrency sector: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The “Supply on Exchanges” here refers to a metric that keeps track of the percentage of the total circulating supply of any given coin that’s currently sitting in the custody of the centralized exchanges. When the value of this metric goes up, it means that the investors are depositing their coins to these platforms currently. On the other hand, a decline implies net withdrawals are occurring on the exchanges right now. Related Reading: Bitcoin Capitulation: Holders Flee BTC As Post-ETF Disappointment Hits What these trends suggest for the given asset and the sector as a whole depends on the type of cryptocurrency it is in question. In the case of volatile coins like Bitcoin and Ethereum, net deposits can be a sign that investors are looking to sell these assets, which can naturally have a negative impact on their prices. Since the altcoins generally only see a rotation of capital through these largest cryptocurrencies, a bearish trend for them can have a domino effect on their prices as well. Withdrawals for these volatile coins, on the contrary, can be bullish for the market, as they imply the investors are perhaps looking to hold onto their tokens for extended periods. Now, here is a chart that shows the trend in the Supply on Exchanges for Bitcoin and Ethereum over the past year: Looks like both of these metrics have registered a decline recently | Source: Santiment on X As displayed in the above graph, the Bitcoin and Ethereum Supply on Exchanges have continued their downtrend following the spot ETF approvals for BTC a few weeks back. In the same chart, Santiment has also attached the data of the indicator for Tether. It would appear that while BTC and ETH have seen supply move off exchanges, USDT has observed net deposits. The largest stablecoin in the sector has witnessed around 4% of its entire supply shifting to these platforms over the last five weeks, which has taken the indicator’s value to the highest point in almost ten months. Investors use stablecoins whenever they want to escape the volatility associated with assets like BTC and ETH. Such holders who seek safe haven in these fiat-tied tokens instead of fiat itself, though, usually plan to return back to the volatile side of the cryptocurrency sector eventually. Deposits of stablecoins can, therefore, be a sign that these investors want to buy back into Bitcoin and others. As such, the sector could see a bullish effect from this dry powder being deployed by the stablecoin holders. Related Reading: Bitcoin Top: This Is When Bull Run Will Peak According To Past Pattern “The increase in buying power implies that the mid-term 3+ month #bullcycle (starting back in October) could still have some legs, particularly with just 79 days until the #Bitcoin halving, estimated to occur on April 18th,” notes the analytics firm. BTC Price Bitcoin has made some notable recovery over the last few days as its price has now broken back above the $43,300 mark. The price of the asset appears to have surged over the past few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":572301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6481,89523,1119,1144,57231,15241],"class_list":["post-572294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-rally","tag-bitcoin-surge","tag-btc","tag-btcusd","tag-santiment","tag-stablecoins"],"acf":[],"yoast_head":"\nBitcoin Rally Still Has Some Legs Left, Santiment Explains Why<\/title>\n<meta name=\"description\" content=\"The analytics firm Santiment has explained that the current Bitcoin rally could still have some legs left, based on this 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Rally Still Has Some Legs Left, Santiment Explains Why","url":"http:\/\/wncen.com\/news\/bitcoin-rally-legs-left-santiment-explains-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-rally-legs-left-santiment-explains-why\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_1029670141.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_1029670141.jpg?fit=7810%2C4675"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin rally","bitcoin surge","btc","btcusd","santiment","stablecoins"],"dateCreated":"2024-01-30T15:00:11Z","datePublished":"2024-01-30T15:00:11Z","dateModified":"2024-06-11T07:02:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Rally Still Has Some Legs Left, Santiment Explains Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rally-legs-left-santiment-explains-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-rally-legs-left-santiment-explains-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1029670141.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/shutterstock_1029670141.jpg?fit=7810%2C4675\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin rally\",\"bitcoin surge\",\"btc\",\"btcusd\",\"santiment\",\"stablecoins\"],\"dateCreated\":\"2024-01-30T15:00:11Z\",\"datePublished\":\"2024-01-30T15:00:11Z\",\"dateModified\":\"2024-06-11T07:02:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/shutterstock_1029670141.jpg?fit=7810%2C4675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/572294"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=572294"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/572294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/572301"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=572294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=572294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=572294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}