Santiment shared an evaluation on X today about whale wallets on exchanges. The evaluation highlights three standout altcoins. The chart reveals decreases in assets of whale wallets in Shiba Inu (SHIB), Chainlink (LINK), and Ethereum (ETH) on exchanges. This data has implications for cryptocurrency investors. Let’s interpret it considering Santiment’s approach.
Decrease in SHIB, LINK, and ETH Assets
Santiment‘s chart covers a timeline from mid-March to June 12, 2024. During this period, a decrease in assets of the top ten exchange wallets for SHIB, LINK, and ETH has been noted, especially since the end of May.
The decrease in meme coin SHIB is noted at 2.4%. LINK saw a decrease of 2.9%, while ETH experienced a decrease of 8.6%. It is known that decreases on exchanges indicate whales’ expectations of a future price increase.
What Should Cryptocurrency Investors Expect?
The cryptocurrency market has been in a correction phase since mid-March. Bitcoin’s uncertain and volatile movements have significantly impacted altcoins. During this period, Bitcoin dominance rose to 56%, making the decrease in exchange wallets a normal occurrence. No one wants to sell their assets at a loss during such a phase.
External factors affecting Bitcoin and the cryptocurrency market, such as actions by the Fed and SEC, have somewhat determined the market’s direction, leading investors to adopt a wait-and-see approach. In such a period, the decrease in altcoin wallets on exchanges can be interpreted as a phase of accumulation.
Therefore, as noted in the chart shared by Santiment, the decreasing exchange supplies are considered good for investors expecting a rise. Following recent increases, SHIB, ETH, and LINK have corrected by 30% to 40%. Finally, let’s conclude by looking at the figures for SHIB, ETH, and LINK in the top ten exchange wallets as of June 12.
- 164.6 Trillion SHIB.
- 97.8 million LINK.
- 6.81 million ETH
