The urge to sell in the cryptocurrency market has dwindled based on the surge of leading coins, according to on-chain insight provider Santiment.
“Crypto traders' enthusiasm to sell has quickly subsided, especially as Bitcoin jumped back over $25k and Ethereum over $2k this weekend. Ideally, bulls will actually want FUD to stay high, as prices historically flourish when there is doubt.”
This is a bullish sign because once selling pressure shrinks, the demand to buy kicks in and this triggers an upward push.
Despite retracing to the $24K and $1,880 levels, Bitcoin and Ethereum were up by 0.74% and 5.88%, respectively, during intraday trading, according to CoinMarketCap.
Meanwhile, a hodling culture continues to play out in the BTC market, given that the balance on crypto exchanges hit a 4-year low. Market insight provider Glassnode stated:
“Bitcoin balance on exchanges just reached a 4-year low of 2,366,543.394 BTC Previous 4-year low of 2,368,067.658 BTC was observed on 15 August...
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