Crypto Investors Are Hoarding These Digital Assets As The Market Hits The ‘Wall Of Worry’: Analyst Firm Santiment

Crypto information firm Santiment is revealing that the behaviors of a group of investors may be a negative signal for the market.

According to Santiment, sharks, or entities that own between 10,000 and 100,000 of a particular crypto asset, are accumulating Tether (USDT) and USD Coin (USDC) stablecoins even as crypto asset prices appreciate.

The market intelligence company says this is an indication of doubts investors have about the sustainability of the most recent crypto market rally.

“Tether and USD Coin shark addresses have been accumulating coins as cryptocurrency prices have risen. This accumulation indicates a disbelief in the rally and a reluctance to buy, also known as a ‘wall of concern’”.

Source: Sentiment/Twitter

Santiment says that the sharks are reluctant to accept a bullish thesis for crypto assets following the most recent bounce.

“What we’re seeing here is that for the last 2-3 weeks (despite the price growth of Bitcoin, Ethereum and others) they haven’t been very interested in parting ways with their stablecoins, even doing the opposite. This could be interpreted as disbelief in this price rally, reluctance to buy.”

The crypto analytics firm also takes a look at the addresses of Ethereum (ETH) scaling solution Polygon (MATIC).

According to Santiment, Polygon’s Token Age Consumed metric, which is typically used to spot local tops, has paste an all-time high. The metric measures the number of tokens changing direction on a particular date multiplied by the time since the previous move.

“Age of MATIC token consumed [metric] has reached an all-time high, indicating that older addresses have moved assets quickly. We can also see that Polygon’s average dollar age has also decreased, which validates that the older inactive addresses just moved a lot of coins.”

Source: Sentiment/Twitter

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