Another big week for Bitcoin? Crypto Insights Firm Santiment Analyzes Key Chain Metrics For BTC

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Crypto analysis firm Santiment takes a look at key Bitcoin on-chain (BTC) metrics and says the best cryptocurrency could be in store for a big week.

Santiment tells his 96,700 Twitter followers that BTC is showing signs of strength on the channel that could herald another big move in the coming days.

“Bitcoin saw its token circulation increase over the past week. One of the most reliable indicators in crypto, the amount of unique tokens moving through the BTC network, hit its highest week since May. If that stays high, we could be in another big week. “

Source: Santiment / Twitter

According to Santiment, the token circulation indicates the number of coins used during a specific time period, providing insight into the health of the crypto asset.

Santiment also notes that the supply of Bitcoin on the exchanges is at its lowest level for more than two years.

“With Bitcoin on the verge of falling back to $ 50,000 for the first time in four weeks, this is because the percentage of bid on exchanges has now fallen to its lowest level since June 4, 2019. The most 30-month low further reduces the risk of a massive sell-off.

Source: Santiment / Twitter

Looking at Ethereum (ETH), the second largest crypto asset appears to be following in Bitcoin’s footsteps as its supply in exchanges continues to decline.

“The supply of ETH on the stock exchanges continues its downward trend as it has fallen sharply over the past two weeks regardless of price movements, and is now reaching its lowest level in the past six months .

It looks good so far, as it indicates that market players are turning to accumulation and the HODL mode when possible.

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