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Blockchain analytics firm Santiment says one metric indicates bullishness for four crypto assets, including Bitcoin (BTC) and Cardano (ADA).
The crypto analytics platform says that trader sentiment has turned positive for BTC, ADA, Binance Coin (BNB), and XRP on expectations of a market upturn in the fourth quarter.
According to the analytics platform, the level of bullishness among traders has reached a 30-day high.
“The crypto crowd is far from euphoric toward markets. But the persistent negativity and bearishness has faded as traders anticipate a rebound here in Q4. BTC, BNB, XRP, and ADA all indicate crowd bullishness, while ETH is just slightly bearish.”
Bitcoin is trading at $19,214 at time of writing while Binance Coin, XRP and Cardano are changing hands at $272.8, $0.464 and $0.354, respectively.
On the amount of Bitcoin held in exchanges, Santiment says that the daily amount of the flagship crypto asset leaving trading platforms recently hit a four-month high further reducing the sell-off risk.
According to Santiment, the supply of Bitcoin on exchanges is now at a four-year low.
“Bitcoin saw a massive surge of coins moving off of exchanges yesterday, its largest daily amount (40,572 BTC) in 4 months. The supply of coins on exchanges is down to 8.48%. As exchange supply decreases, it de-risks chances of a future sell-off.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/DomCritelli
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