Blockchain analytics platform Santiment is bullish on five crypto assets amid a larger fall in the prices of altcoins relative to Bitcoin (BTC).
Santiment says that Litecoin (LTC) and four other altcoins are underbought with most traders nursing losses.
According to Santiment, Litecoin, decentralized exchange Serum (SRM), peer-to-peer collaboration tool Radicle (RAD), non-fungible token (NFT) creation and validation tool VIDT Datalink (VIDT) and metaverse ecosystem Highstreet (HIGH) could be bottoming out.
“As altcoins continue to flush while Bitcoin and Ethereum manage to stay afloat in their ranges, we see tons beginning to creep into opportunity zones. Assets where traders are in particular pain and may be bottoming out in the near future include LTC, SRM, RAD, VIDT, HIGH.”
Turning to Bitcoin, Santiment says that the supply of the flagship crypto asset sitting on exchanges is at a 65-month low. According to the firm, the low level of Bitcoin on exchanges is potentially bullish for BTC.
“The amount of Bitcoin on exchanges is now at its lowest ratio since December, 2017. The five and a half year low is a good sign of increased interest in self custody for traders, and less potentially at risk to be sold back to exchange wallets.”
Santiment further says that amid the drop in BTC supply residing on exchanges, a Binance cold wallet has transferred over two billion dollars worth of Bitcoin out of its custody.
“One of Bitcoin’s largest whale addresses, a Binance cold wallet, has been extremely active today. Through 4 transactions, this wallet has moved $2.26 billion worth of BTC out of its possession. Bitcoin’s supply on exchanges has dropped from 6.78% to 5.84%.”
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