Martinez tweeted that he has noticed a decrease in stablecoin holdings among crypto investors as they have been converting USDT and USDC for Bitcoin and Ethereum, grabbing those cryptos. This indicates, per the analyst, that there is a higher risk appetite among investors at the moment.
As if to confirm that, Glassnode has published a tweet to show that the balance of Bitcoin on centralized crypto exchanges (CEXes) has dropped to a five-year low and now constitutes 2,249,389.489 BTC.
At the time of this writing, the leading cryptocurrency Bitcoin is trading at $30,698 after a 0.93% rise within the past 24 hours, according to CoinMarketCap.
Still, Martinez believes that watching Ethereum surpass the resistance between the $2,040 and $2,100 levels would be a lot more interesting since, at this price level, one million crypto wallets had bought 27 million ETH. That chart came from IntoTheBlock on-chain data vendor.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
