Analyst company Santiment stated that sentiment among Bitcoin traders dropped to a level not seen in three months and market participants began to surrender.
Bitcoin is showing signs of capitulation after prices remained below $50,000 for most of December, according to Santiment. The most negative behavior from traders since the beginning of October is a good sign that prices may finally bounce back after the FUD.
Santiment states that the largest ETH whales continue to accumulate the leading altcoin regardless of market conditions. Whale addresses with 100,000 to 10 million ETH have accumulated 1.41 million tokens worth $5.58 billion since October 1, according to the platform, which says whale behavior continues to play an important role in Ethereum price. It has also added 2.8 percent more tokens to its bags in the last 2.5 months.
Santiment is also closely monitoring the flow of stablecoin Tether (USDT) to crypto exchanges. Investors are preparing to keep the dollar on the sidelines amid the constant correction in the cryptocurrency market. Santiment uses the following expressions.
"The ratio of stablecoin Tether on exchanges has risen to 22.5 percent, a six-month high. This supply turned into $8.99 billion, indicating increased purchasing power accumulated on exchanges."