Santiment Reports Whale Wallet Reductions in SHIB, LINK, and ETH: What It Means for Investors

Santiment recently shared an evaluation on X regarding whale wallets on exchanges, highlighting three standout altcoins. The evaluation reveals decreases in assets of whale wallets in Shiba Inu (SHIB), Chainlink (LINK), and Ethereum (ETH) on exchanges. This data has significant implications for cryptocurrency investors.

Decrease in SHIB, LINK, and ETH Assets

🐳 The top 10 exchange wallets on the #ShibaInu, #Chainlink, and #Ethereum networks, respectively. Since May 27th, their holdings have shrunk by:

📉 $SHIB: -2.4%
📉 $LINK: -2.9%
📉 $ETH: -8.6%

Decreasing exchange supplies should be considered a good sign for bullish traders. 👍 pic.twitter.com/MbrSKaFF8s
— Santiment (@santimentfeed) June 13, 2024

The chart covers a timeline from mid-March to June 12, 2024. During this period, Santiment noted a decrease in assets of the top ten exchange wallets for SHIB, LINK, and ETH, especially since the end of May. The decrease in meme coin SHIB stands at 2.4%, LINK saw a decrease of 2.9%, while ETH experienced a decrease of 8.6%. Santiment emphasizes that decreases on exchanges indicate whales’ expectations of a future price increase.

Market Context and Implications

The cryptocurrency market has been in a correction phase since mid-March. Bitcoin’s uncertain and volatile movements have significantly impacted altcoins. During this period, Bitcoin dominance rose to 56%, making the decrease in exchange wallets a normal occurrence. No one wants to sell their assets at a loss during such a phase.

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External factors affecting Bitcoin and the cryptocurrency market, such as actions by the Fed and SEC, have somewhat determined the market’s direction. This has led investors to adopt a wait-and-see approach. In such a period, the decrease in altcoin wallets on exchanges can be interpreted as a phase of accumulation.

As noted in the chart shared by Santiment, the decreasing exchange supplies are considered good for investors expecting a rise. Following recent increases, SHIB, ETH, and LINK have corrected by 30% to 40%. The figures for SHIB, ETH, and LINK in the top ten exchange wallets as of June 12 are 164.6 trillion SHIB, 97.8 million LINK, and 6.81 million ETH.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.