Despite the unfavorable situation that currently overwhelms the market, the blockchain analytics platform Santiment stated that one metric indicates bullishness for Bitcoin (BTC), the largest cryptocurrency in the market, and three other altcoins such as Ripple’s XRP, Cardano (ADA), and Binance Coin (BNB).
According to Santiment, sentiment has turned positive for BTC, XRP, ADA, and BNB on the expectation that the situation will turn around for them in the fourth quarter of 2022. The crypto analytics platform added that the level of sentiment among crypto traders has reached a 30-day high.
Read Also: Bitcoin Whales Bought 46,173 BTC within 9 Days, Santiment Says the Buying Spree is Rare in 2022
On the other hand, the firm noted that Ethereum (ETH), the second largest crypto by market cap, is just slightly bearish.
Santiment tweeted, “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.”
At the time of filing this report, BTC is trading at $19,004, while XRP, ADA, and BNB are priced at $0.445, $0.339, and $268.3, respectively, according to CoinMarketCap.
Revealing the amount of Bitcoin (BTC) held on exchanges, Santiment stated that the daily amount of the largest cryptocurrency leaving exchanges recently attained a four-month high, indicating that its risk of facing a massive selloff is being reduced on a daily basis.
Read Also: 34,773 BTC Moved Off Exchanges in a Single Day. Santiment Explains Its Significance to Bitcoin Trend
Additionally, the blockchain analytics platform noted that the supply of Bitcoin on exchanges is now at a four-year low.
Santiment noted, “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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