Amid the Solana and Cardano frenzy in the cryptocurrency market, attention has shifted to four altcoins that are generating considerable interest for their recent movements.
According to the analysis of Santiment, a firm specialized in cryptoanalysis, Ethereum (ETH), Shiba Inu (SHIB), Fetch.ai (FET) and Dent (DENT) have emerged with significant bullish signals, attracting the attention of investors in a highly dynamic market.
🎉 #Altcoins are surging once again, with $ADA now above $0.65 and $SOL amazingly closing in on $100. But keep an eye on $ETH, $SHIB, $FET, and $DENT. These four assets are all seeing their top 10 respective exchange wallets move coins away from exchanges, which is
(Cont) 👇 pic.twitter.com/t9apBn8Ttt
— Santiment (@santimentfeed) December 22, 2023
Santiment experts observed a particularly intriguing trend: a massive outflow of these cryptocurrencies from the wallets of the top ten cryptocurrency exchanges over the past three months.
This trend has generated long-term bullish expectations for these altcoins
Ethereum, the second-largest cryptocurrency by market cap, saw an outflow of approximately $778.7 million from major exchanges, marking a 4.3% decline in total ETH stored on these platforms.
Although Shiba Inu showed a lower figure compared to Ethereum, with an output of $54.6 million, it did not fail to attract the attention of analysts.
Fetch.ai, despite having a relatively modest market capitalization, saw the largest percentage outflow, with a decline of 26.1%, equivalent to $48.2 million.
Meanwhile, Dent recorded an outflow of $867.5 million, representing a decrease of 1.5%.
These moves have led analysts to interpret these outflows as a long-term bullish sign for these altcoins.
The trend of withdrawing large amounts of these cryptocurrencies from major exchanges could suggest a long-term investment strategy by holders of these assets, choosing to keep them off exchange platforms.
While exchange wallet behavior is not a foolproof indicator, these massive outflow movements have generated optimism about the future potential of Ethereum, Shiba Inu, Fetch.ai, and Dent.
Investors and enthusiasts of the cryptocurrency market will be attentive to how these assets develop in an increasingly competitive and changing scenario.
