{"data":{"data":{"items":[{"addressWatchlist":null,"alert":null,"chart":null,"insight":{"commentsCount":0,"date":"2021-08-18T09:29:00Z","id":6648,"images":[{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/5e4d42a0d56e419c46d0e282f1d1739055daf635b61f97572a2ec8034f95423e_1629277296612_Screen%20Shot%202021-08-18%20at%203.28.51%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/3eb866920d1b2692fb8b7ee9a808da494f6dec2f2b61d6ada8895dceea32ef1f_1629277632979_Screen%20Shot%202021-08-18%20at%205.06.53%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/8391d16ce75a07aa254f5de4a435280c837c16fd8a1b5a688f6467393945ab0c_1629277915088_Screen%20Shot%202021-08-18%20at%205.11.43%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/37219c38e18817d85fef9ce589c0e536ffe7e99f5d2f5dda068ea359bc33f154_1629278392901_Screen%20Shot%202021-08-18%20at%205.19.31%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/cdc663bf98259d0b463cb23c916877dec35f7a05c769e1dfd3ae3e6215456709_1629278524150_Screen%20Shot%202021-08-18%20at%205.21.47%20pm.png"}],"isFeatured":false,"isPaywallRequired":false,"prediction":"unspecified","project":[{"logoUrl":null,"slug":"eth"},{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_ethereum.png","slug":"ethereum"}],"pulseText":null,"readyState":"published","shortDesc":"Analyzes how active the Ethereum network is and what that might mean for its future, based on recent on-chain data and market signals.\n\nMeasures: Ethereum network activity and market conditions \nReflects: How much people are using the network and overall market mood \nInterpretation: When activity goes up, it usually means more people are confident and using Ethereum; when it drops, it can show less interest or people giving up \nContext: Often analyzed with ETH price trends and DeFi activity \nTags: Category: On-chain Metric | Signal Type: Network Activity | Market Scope: Network-level","tags":[{"name":"ETH"}],"text":"

Assets covered: Ethereum (ETH)

Metrics used: Price, Network Growth, Supply on Exchanges, MVRV 7D, Daily Active Addresses

Chart: https://app.santiment.net/s/Siwg1xy5

After a strong bounce off the $1,780 levels, let's take a look at how things are now.

Price

Just when most of the crowd thought that the crypto market was going into a 4 year bear market, ETH managed to hold its support at $1780 levels and kicked off a strong rally to $3,300 levels.

It's a very healthy run that helped to invalidate bearish bias, however, there are some signs showing that the rally is getting exhausted (Price is going up but volume is going down, this divergence is generally not a good sign) and due for a correction.

That's not to say the market is going to be bear again, what we would like to see is ETH bouncing off the $2800s as support for continuation of the uptrend.

Network Growth

Interestingly, we are seeing the lack of new participants while prices are going up, which isn't exactly a healthy action. That said, could it be that this rally was driven by institutions, while the retail folks remain in \"disbelief\"?

Supply on Exchanges

ETH's supply on exchanges continue to drop following the rally, which suggests that the market is still accumulating ETH where possible. While the downtrend in ETH's supply on exchanges does help to alleviate sell pressure, we do wonder whether this sets in complacency as \"majority of people are bullish\".

Similar to how in Mid-May ETH hit $4000s and supply was low, no one was selling... until price crashed and from late May till late June, we saw continued sell pressure from influx of supply on exchanges.

MVRV 7D

MVRV 7D which measures the short-term profit/loss of holders is showing that we are now in a decent negative territory, which is much healthier than being in the danger zones as seen around May's top.

Generally, we would like to see the MVRV 7D go down further before a healthy bounce in price action.

Daily Active Addresses (DAA)

While Network Growth hasn't been growing steadily (as seen in previous section above), the Daily Active Addresses been rather active and holding its ground. So far, it's a good sign to see that activity is still healthy.

Nothing to be concern at this point.

","title":"ETH - How are things looking?","user":{"avatarUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/f4ca761ecc6189788d9cbebbd3a9cee8226309a46b0d413618f495ddd07c7f75_1582724163917_1582724163601.jpeg","id":"7","isSantimentTeamMember":true,"username":"Sanfam"},"views":0,"votes":{"totalVotes":254,"userVotes":null}},"screener":null,"watchlist":null},{"addressWatchlist":null,"alert":null,"chart":null,"insight":{"commentsCount":16,"date":"2021-08-24T17:44:44Z","id":6654,"images":[{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/30c0cb023085b92899e23bc2a044bf6b53265de933df9b29f55d2e5e5e5ca477_1629825634541_Ethereum%20%28ETH%29%20%5B20.19.25%2C%2024%20Aug%2C%202021%5D.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/35ca1a58bca8f2f37fdc6d902d6e9966f89b241f0d29ec3dc498c820604cb7e9_1629825873380_Bitcoin%20%28BTC%29%20%5B20.24.25%2C%2024%20Aug%2C%202021%5D.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/b5f3306b14c7f49de66c22fab9b0d610fe466d8c99633b6fdfdacdeaa55d1767_1629826040386_Screenshot%202021-08-24%20at%2020.27.04.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/fd79b7d84d53d5212f1d9f3e5a31daf0037c5369b8b7d3421955bfc183759797_1629826342216_screenshot-insights.santiment.net-2021.08.24-20_28_55.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/9c415527cc0ae1fb5e36c1a5b1c8e6e83125208fc3d8dbe4665cee2633291767_1629826631735_Ethereum%20%28ETH%29%20%5B20.37.02%2C%2024%20Aug%2C%202021%5D.png"}],"isFeatured":true,"isPaywallRequired":false,"prediction":"unspecified","project":[{"logoUrl":null,"slug":"eth"},{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_ethereum.png","slug":"ethereum"},{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_bitcoin.png","slug":"bitcoin"},{"logoUrl":null,"slug":"btc"}],"pulseText":null,"readyState":"published","shortDesc":null,"tags":[{"name":"BTC"},{"name":"ETH"}],"text":"

Assets covered: Ethereum (ETH)

Metrics used: Exchange Inflow, Exchange Outflow, Active Addresses, Average Fees

Charts layout: https://app.santiment.net/s/I0WF69b2

Tuesday uncovered an outstanding exchange inflow spike both in ETH and BTC.

What could we prepare for?

Exchange Inflow

Here's how we see ETH flow into exchanges:

A strong spike on the right suggesting billions of dollars in Ether being deposited to exchanges.

Same thing happened to BTC:

Exchange flow balance for both coins is up too, so the amount of BTC and ETH in/out of exchanges is substantially in the favor of coins 'in'.

If you take a look at top transactions for ETH the most likely culprit is this address - https://app.santiment.net/s/Zk0usRYJ

Sent 600,000 ETH to Binance. Last acquired ETH on July 2nd at ~$2k. So huge that it breaks overall ETH exchange flow charts:

Based on its behavior so far, it doesn't look like an undiscovered exchange wallet (https://etherscan.io/address/0xdee6238780f98c0ca2c2c28453149bea49a3abc9). Judging by on-chain data it might be a whale possibly looking to take some profits.

This is certainly a concerning signal: whoever is sending money to exchanges seems to be doing a significant profit.

Previous similar spikes in profit taking sometimes have coincided with local price tops.

Active Addresses and fees

By the way active addresses for Ether are not great. May be because of the fees.

Fees are picking up, active addresses are going down. Getting expensive to interact.

Perhaps it's one of the reasons why we see a divergence between fees and active addresses. Based on previous behavior we should assume that the addresses are going to decline a little bit.

So we've got a few concerning signals: exchange inflow, address activity fairly low. May be there are some people starting to take profits and you should at least be careful.

Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

","title":"$2B of Ether being deposited to exchanges. Should we be concerned?","user":{"avatarUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/c978261c467028715af203a83bff99497372f6dbfc164badf5ac71a643cd6fd8_1582111820068_1582111820480.jpeg","id":"4522","isSantimentTeamMember":false,"username":"Santrends"},"views":0,"votes":{"totalVotes":252,"userVotes":null}},"screener":null,"watchlist":null},{"addressWatchlist":null,"alert":null,"chart":null,"insight":{"commentsCount":1,"date":"2021-11-02T10:57:07Z","id":6771,"images":[{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/7e3955ad2c88b8437cc637dbc15ab427f895a3f5f213b71cf17287bfda0b5ce4_1635850495191_trending%20image.png"}],"isFeatured":false,"isPaywallRequired":false,"prediction":"unspecified","project":[{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_loopring.png","slug":"loopring"},{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_the-sandbox.png","slug":"the-sandbox"},{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_polkadot-new.png","slug":"polkadot-new"}],"pulseText":"

References:

","readyState":"published","shortDesc":null,"tags":[{"name":"SAND"},{"name":"DOT"},{"name":"LRC"}],"text":"

References:

","title":"Hottest Topics of the Day Dominated by Squid Game Tokens","user":{"avatarUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/c978261c467028715af203a83bff99497372f6dbfc164badf5ac71a643cd6fd8_1582111820068_1582111820480.jpeg","id":"4522","isSantimentTeamMember":false,"username":"Santrends"},"views":0,"votes":{"totalVotes":247,"userVotes":null}},"screener":null,"watchlist":null},{"addressWatchlist":null,"alert":null,"chart":null,"insight":{"commentsCount":1,"date":"2021-11-11T01:10:47Z","id":6783,"images":[{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/962dadfab1bf8c6c57da930471a03c1802e9e3b890c73f11601a4135a581c8fe_1636592276395_ens%20daa.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/be850f4fd4aff70418fcaffe4f88ac905a1ce127302f7fe088da0411e5719108_1636592290287_ens.png"}],"isFeatured":false,"isPaywallRequired":false,"prediction":"unspecified","project":[{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_ethereum-name-service.png","slug":"ethereum-name-service"}],"pulseText":"

ICYMI, Ethereum Name Service launched a brand new DAO and airdropped $500m+ worth of its new governance token (ENS).

The amount of unique addresses interacting with ENS soared in the past 36 hours, peaking at just over 47000 earlier today:

The surge in network activity is prompted by addresses claiming ENS - the 'normal' address activity will likely be much more modest (few 1000s if I had to guess).

There's already been a concerted dumping effort marked by a strong uptick in active deposits and exchange inflow in early morning hrs:

The dumpage coincided with a local top, but the price recovered (and charted a new ATH) a few hours later.

As long as users are taking profits and showing concerns about ENS' price momentum, the rally has a chance. Once overconfidence hits (it will look like low deposit and exchange activity while ENS pumps), a correction may be near.

Stay safe out there.

","readyState":"published","shortDesc":null,"tags":[{"name":"ENS"}],"text":"

ICYMI, Ethereum Name Service launched a brand new DAO and airdropped $500m+ worth of its new governance token (ENS).

The amount of unique addresses interacting with ENS soared in the past 36 hours, peaking at just over 47000 earlier today:

The surge in network activity is prompted by addresses claiming ENS - the 'normal' address activity will likely be much more modest (few 1000s if I had to guess).

There's already been a concerted dumping effort marked by a strong uptick in active deposits and exchange inflow in early morning hrs:

The dumpage coincided with a local top, but the price recovered (and charted a new ATH) a few hours later.

Stay safe out there.

","title":"First sell-off wave hits ENS","user":{"avatarUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/26644445d7f5764203091b7d14676d4bfecd06d998dd9fee78481ae69aa2fa53_1575458202185_1575458160821.jpeg","id":"1269","isSantimentTeamMember":false,"username":"Ibis"},"views":0,"votes":{"totalVotes":242,"userVotes":null}},"screener":null,"watchlist":null},{"addressWatchlist":null,"alert":null,"chart":null,"insight":{"commentsCount":1,"date":"2020-11-16T14:10:40Z","id":6107,"images":[{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/89688efe070571596a769a8bd6a4b650b75a620f32067934477d9d951a9d81e6_1605534662550_ETH2Hours.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/137b4cbe1db3ef32eb8495f1e65536f5d9a012cefcdda8a182e24c4ff48b2b7e_1605535089397_DAA.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/a91ccfca4f0d5e4318452d36a3b4ee4a6a57dfb2fa2812c137d20db160a79fde_1605535254447_NetworkGrowth.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/6708a6eaadf7241b095afabc231c543b8260caafbd2741f91f3136caebbbc682_1605535703620_Deposits.png"}],"isFeatured":true,"isPaywallRequired":false,"prediction":"unspecified","project":[{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_propy.png","slug":"propy"}],"pulseText":null,"readyState":"published","shortDesc":null,"tags":[{"name":"PRO"}],"text":"

We will use a combination of TA analyses (based on EW) + the behaviour metrics from Sanbase: DAA, Daily Active Deposits, Deposit Transactions, Network Growth + Social Volume.

The working assumption at the moment is that we are in a process of finishing the ETH price advance from 24-th of October:

The corresponding behaviour metrics are very weak at the moment. DAA (Daily Active Addresses), Network Growth are struggling to keep up with the current price level.

Network Growth (pink bars) divergency vs price (green)

Deposits to exchanges (amount and volume)

Typically it would be a clear sign for a price top. However, we would like to keep the more bullish stance for a moment. But just for a moment (that's important).

1) ETH was able to experience one more last spike back in September together with growing \"divergency\" pattern

2) EW count suggest, we might see one final push to finalize the wave 5.

Wave 5 means - we might see some very good news around. Right before the price \"unexpectedly\" turns around.

","title":"ETH. Behaviour analyses","user":{"avatarUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/9a0eb406af24a3e14862635400816ce0e62973159de4c5c82bf254df0eee3fdb_1580750259167_1580750259024.jpeg","id":"836","isSantimentTeamMember":false,"username":"socialtrends"},"views":0,"votes":{"totalVotes":217,"userVotes":null}},"screener":null,"watchlist":null},{"addressWatchlist":null,"alert":null,"chart":null,"insight":{"commentsCount":0,"date":"2021-08-26T07:48:35Z","id":6657,"images":[{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/b7d40bc89b58918bd17abd857c7a1a8c28b7db36d25eee5108f08694a2f05af6_1629961202419_Screen%20Shot%202021-08-26%20at%202.56.38%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/8f5c44fd472da4a1fc3341ce9cc4da44b70a5cdee77beb526cb3bccf556a056f_1629961837769_Screen%20Shot%202021-08-26%20at%203.06.47%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/a4e487298276bf38695d590b5c6affd9e7a4222d44bc9a56c2a1e47c5f1e415d_1629962311365_Screen%20Shot%202021-08-26%20at%203.17.28%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/34dcc0ca917394d10cf29a20fecb76216452a6ac3c617d4b16edbaacac5aa1ba_1629962553490_Screen%20Shot%202021-08-26%20at%203.22.19%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/20e06fbae34f1f7935681ecc0e14e6f650518cf95c7ea8d968b686d67c020565_1629963043907_Screen%20Shot%202021-08-26%20at%203.25.59%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/037a058dcbc838ae6d724e402496002a4ebb4f8912a123fc73cd6ffd4a5f24e6_1629963421259_Screen%20Shot%202021-08-26%20at%203.35.42%20pm.png"},{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/f0b676778485a3458d17af9daf4b8a90765389990237e0a3f4dc7da61cd6b51f_1629963649242_Screen%20Shot%202021-08-26%20at%203.40.21%20pm.png"}],"isFeatured":false,"isPaywallRequired":false,"prediction":"unspecified","project":[{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_yearn-finance.png","slug":"yearn-finance"}],"pulseText":null,"readyState":"published","shortDesc":"Analyzes what's going on with Yearn Finance (YFI) right now by looking at its on-chain activity and market mood to help you get a feel for where things might be headed.\n\nMeasures: Yearn Finance (YFI) on-chain activity, market sentiment, and behavioral trends \nReflects: How confident people are with YFI and how the market is acting — basically, whether traders are excited or cautious \nInterpretation: When YFI activity goes up, it usually means more people are interested and feeling good about it; when activity drops, it could mean folks are losing interest or getting ready to sell off \nContext: Commonly analyzed alongside DeFi sector metrics and major altcoins \nTags: Category: On-chain Metric | Signal Type: Sentiment | Market Scope: DeFi","tags":[{"name":"DEFI"},{"name":"YFI"}],"text":"

Assets covered: Yearn (YFI)

Metrics used: Price, Network Growth, Supply on Exchanges, MVRV 7D, Daily Active Addresses, Social Volume

Chart: https://app.santiment.net/s/7cMtDkOW

Price

After bouncing off the lows of $25,000s in July, YFI is finding quite a bit of resistance in the $40,000 levels and is currently ranging between the $36,000 to $40,000 channel for August.

It's currently at risk of losing the $36,000 support levels after being tested for the 3rd time now in a month. Whether this will break largely depends on whether BTC continues downwards as most alts out there are still following closely to BTC's price action.

Compared to other DeFi darlings, YFI has underperformed since the bounce in July - Most DeFi darlings have gone to make a +100% gain since.

It comes as no surprise as there seems to be no significant development or speculative event for YFI. The last one was the WOOFY event, which saw YFI hop on the meme dog coins mania to create a \"cheaper\" version of YFI called WOOFY.

Since then, it's kinda a ghost town now. Even on-chain data shows the lack of interest in YFI over the past few months as we will observe next.

Network Growth

YFI's Network Growth data is seeing its lowest levels since Genesis. Quite apparent that since the Top in May 2021 (the WOOFY mania), there's just no strong interest in YFI anymore.

Daily Active Addresses (DAA)

We are also seeing YFI's Daily Active Addresses declining even as the price moves up. This divergence is generally not a healthy one. In a healthy market, we should see growing DAA along with the price as participants get engaged with the token price action.

Supply on Exchanges

The recent May top saw a huge increase in YFI's supply on exchanges as market participants begin to take huge profits. It wasn't until early August that we observe a sharp declined in YFI's supply on Exchanges, which is a good start for now as it suggests that participants might be accumulating again.

MVRV 7D

YFI's MVRV 7D which measures the short-term profit/loss of holders is showing that we are heading into the undervalued zone, which historically has shown to be decent accumulation points.

Social Volume

YFI's social volume is lacklustre compared to what how things were 1 year ago when it first launched. Gone are the excitement and shilling of YFI as the crowd moved on to other more exciting categories like new L1s, L2s, NFTs, Gaming, etc.

Summary

Overall, YFI's performance been rather underwhelming, there's just not much excitement in YFI any longer as most of the crowd have left to speculate on other more profitable coins.

The recent rise is likely due to BTC's rise lifting up the entire crypto market, YFI has yet to find strength on its own and that's probably due to lack of speculative events to engage market participants.

","title":"YFI - How are things looking now?","user":{"avatarUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/f4ca761ecc6189788d9cbebbd3a9cee8226309a46b0d413618f495ddd07c7f75_1582724163917_1582724163601.jpeg","id":"7","isSantimentTeamMember":true,"username":"Sanfam"},"views":0,"votes":{"totalVotes":211,"userVotes":null}},"screener":null,"watchlist":null},{"addressWatchlist":null,"alert":null,"chart":null,"insight":{"commentsCount":2,"date":"2021-10-13T17:11:29Z","id":6731,"images":[{"imageUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/c999c7af42864b9a9d4f16bf6ea9a7e5901893fe83e3b53f652c5b95b95a9ea2_1634144269003_Pasted_Image_13_10_2021__20_57.png"}],"isFeatured":true,"isPaywallRequired":false,"prediction":"unspecified","project":[],"pulseText":"

Hooray! San.Insights married with San.Charts. You can set up a widget in 3 steps:

Enter or go to the newline
Click + && Choose a chart widget

Paste embedded code from San.Charts. Go to https://charts.new and create any new chart

Yay 😀 That's it. The result can see below.

BTC Social Volume

🎉🎉🎉

Happy research with San Tools and be ready to tell your story with new power batteries!

","readyState":"published","shortDesc":null,"tags":[],"text":"

Hooray! San.Insights married with San.Charts. You can set up a widget in 3 steps:

Enter or go to the newline
Click + && Choose a chart widget

Paste embedded code from San.Charts. Go to https://charts.new and create any new chart

Yay 😀 That's it. The result can see below.

BTC Social Volume

🎉🎉🎉

Happy research with San Tools and be ready to tell your story with new power batteries!

","title":"👏 San.Charts into San.Insights","user":{"avatarUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/f78987c5abde4080b8c2e9f679db1c45422597abc10ca8b3566062f94a1e8764_1575447541976_1575447540824.jpeg","id":"120","isSantimentTeamMember":false,"username":"zatsepin"},"views":0,"votes":{"totalVotes":209,"userVotes":null}},"screener":null,"watchlist":null},{"addressWatchlist":null,"alert":null,"chart":null,"insight":{"commentsCount":1,"date":"2021-08-26T08:51:25Z","id":6658,"images":[],"isFeatured":true,"isPaywallRequired":false,"prediction":"unspecified","project":[{"logoUrl":null,"slug":"eth"},{"logoUrl":"https://production-sanbase-images.s3.amazonaws.com/uploads/logo64_ethereum.png","slug":"ethereum"}],"pulseText":null,"readyState":"published","shortDesc":"Ethereum is showing some promising signs as the broader market pulls back a bit, which might mean people are quietly stacking up or holding tight.\n\nMeasures: Ethereum on-chain and market signals \nReflects: How traders and holders are acting, plus the overall market mood \nInterpretation: When Ethereum signals go up, it usually means more people are buying or holding steady; when they drop, it could mean folks are selling off or giving up \nContext: Often analyzed alongside Bitcoin and overall crypto market trends \nTags: Category: On-chain Metric | Signal Type: Accumulation | Market Scope: Spot","tags":[{"name":"ETH"}],"text":"

Ethereum has been relatively boring compared to the altcoin boom we've seen over the past month. Just take a look at how its performance has looked compared to the rest of the top 100 market cap pack.

Certainly no complaints with a +41% over the past 30 days, but it's still rather unassuming compared to the monstrous upswings many other assets have seen.

For this same reason, ETH is less of a risk to hold now compared to something like Cardano or other assets that have been absolutely roaring in the month of August. And with our on-chain metrics showing some encouraging signs, we'll take a quick look at what to keep an eye on:

Token Circulation

Ethereum's token circulation has just exceeded two-month high levels. The amount of unique tokens moving on the ETH network showing an increase here is a promising sign that if it does drop back below $3,000 again, it may not be for long if circulation sustains itself up at these increased levels.

Weighted Social Sentiment

Weighted social sentiment is a great tool to help indicate just how euphoric (or fearful) the crowd is getting. And after a fairly extensive 4-week stretch of Twitter being euphoric as Ethereum stormed its way back above $3,300, this chart is indicating that the crowd has finally edged into negative territory compared to historical averages. If this chart ticks down further into negative, it would be a great sign that a price bottom (dip buy opportunity) is on the horizon.

Mean Dollar Invested Age

Since late May, Ethereum's mean dollar invested age has been a pretty steady rise. But see the tan line beginning to dip down again over the past 3 days? This is an extremely promising sign, as it indicates that dormant dollars that were invested in quiet ETH addresses are beginning to move once again.

Notice what Ethereum's price did from late February to early May on the left side of the chart. Long story short, when this line begins to dip down, good things happen. We will just need to see if the down-trend continues to avoid seeing a fake-out of just a few encouraging days here.

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(Note: the ‘combine’ feature is still in Beta until Wednesday, so make sure to ‘Activate Beta’ in your Sanbase account settings if you want to test out the feature in the meantime. Happy hunting!)

By popular request, you can now combine different Sanbase metrics into a single indicator and analyze your favorite coins from entirely new angles.

This feature allows you to create brand new metric composites in search for alpha, either via basic math operations (+, -, x, /) or one of several available functions.

Combining metrics on Sanbase is very simple:

Single-click on metric A (in the metric tree)
Single-click on metric B (in the metric tree)
A ‘combine’ button will appear in the bottom left corner of the metric tree
Click ‘combine’
Choose how to combine the selected metrics (by adding them together, subtracting, dividing etc.)
Name your new indicator

There are so many possible ways that you can combine Sanbase metrics to get additional context about the crypto market, and our community members are still discovering new use cases.

For instance, daily active addresses (DAA for short) and daily active deposits (DAD for short) are two indicators whose interrelationship is sometimes more interesting than either metric on its own.

By dividing the two metrics (DAA/DAD), you can now track the share of daily deposits in total network activity. Low or declining DAA/DAD ratio may suggest growing sell-side pressure, as deposits start to become an increasingly dominant part of total address activity - and vice versa.

As it happens, this is precisely what happened a week before Ethereum’s price all-time high, as the coin’s DAA/DAD ratio plummeted to 4-month low, suggesting that deposit addresses (and - by proxy - holders moving their ETH to exchanges) were starting to make up a growing portion of wholesale network activity:

Ethereum's DAA/DAD ratio, past 12 months (Source: Sanbase)

We covered a few more examples on how to use the new ‘combine’ feature on our Youtube channel, and our community members are already sharing some of their favorite setups on Discord.

But really, the best way is to try it for yourself. Take some of your favorite metrics and combine them in a brand new composite - we can’t wait to hear what you come up with!

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As Bitcoin (BTC) breaks new highs, the pressing question for many is: \"How high can it go?\" While this is a common query among investors and AI agents eager for insights, we suggest reframing the question.

Instead of fixating on potential price peaks, consider this: What will the market landscape resemble once BTC reaches its \"final destination\"? The specific price point—be it $90k, $100k, or $150k—is secondary to the market conditions at that time. Over the past seven years at Santiment, we've learned that assessing the present is crucial for future insights.

Analyzing the Market

The market and its analysis can be approached in several ways, often complementary to each other. Techniques include technical analysis, sentiment analysis, and on-chain analysis, to name a few. Below, we've selected an approach that is both comprehensive and relatively simple to understand. We've also had success using these metrics to estimate and predict previous BTC tops.

So, what aspects should we evaluate?

Our focus is on understanding the behavior of specific market participants:

What are the actions of smaller BTC holders?
How much profit are these holders, who acquired BTC at lower prices, currently realizing?

By examining these metrics, we can gauge the underlying market sentiment. Specifically, the behavior of smaller holders will reveal if retail investors are joining the BTC rally. Analyzing profit-taking patterns will help identify whether a decline in profit-taking—a typical indicator of market tops and established \"greed\"—is emerging.

Now, let's assess the current situation.

As of November 13th, these conditions haven't fully materialized.

Retail Balances Behavior:

**Balances (in %) of retail traders and holders**

The chart indicates that retail holders began decreasing their balances around October 15th, coinciding with the start of BTC's real rally.

Profit-Taking Analysis:

The profit-taking level appears healthy, with increases correlating to each BTC price jump. At a market top, we expect to see a pattern similar to earlier this year when we indicated a probable peak, see here:

Network realized profit/loss back in February-April 2024

For a more detailed understanding, we have compiled a chart layout that includes these two metrics along with several others. This comprehensive layout can provide additional insights into the market dynamics.

Link to the chart layout

In conclusion, monitoring these two metrics—retail activity and profit-taking—is crucial. Historically, these have been key indicators of retail greed and fear of missing out (FOMO), which often precede market tops. Stay vigilant for these signs as they may hint at the next potential turning point in the market.

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