Ethereum has received a bullish signal for the long term

23 Jun 2024

Despite the decline in the crypto market, Ethereum and a couple of altcoins have received a bullish signal for the long term.

Analytical firm Santiment has published new data. According to the report, the supply of some cryptocurrencies to the wallets of major exchanges has decreased. This indicates that users have become less interested in trading and more interested in saving.

Among the cryptocurrencies for which this is observed are Ethereum (ETH), Shiba Inu (SHIB) and Chainlink (LINK). The outflow of ETH from exchange wallets from May 27 to now is 8.6%. For SHIB it is 2.4%, for LINK — 2.9%.

At the same time, the volume of crypto-assets on the balance sheets of long-term holders has grown. This means investors who hold assets for a year or more.

According to IntoTheBlock, over 24 hours the balance on the wallets of long-term ETH holders grew by 1.4%. For LINK the growth amounted to 0.8%, for SHIB — no change. This is a signal of market confidence in the growth prospects of the assets.

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