In a recent tweet, crypto trader and analyst Ali Martinez shared a Glassnode screenshot that shows Aggregate Market Realized Value Net Position Change index for the two leading digital currencies by market cap, Bitcoin and Ethereum.
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.
#Crypto investors are shifting from stablecoins into #Bitcoin and #Ethereum.— Ali (@ali_charts) July 12, 2023
A decrease in stablecoin holdings points to a higher risk appetite among investors as they move their capital to $BTC and #ETH. pic.twitter.com/aeJRSkeIj0
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.
Waiting for Ethereum to break above $2,100
The analyst also drew his followers' attention to the fact that the second biggest crypto in terms of market cap, Ethereum, is now trading on top of a stable support level in the range between $1,800 and $1,870. In this zone, he shared, nearly 3.5 wallets bought 11.2 million Ethereum.
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.
Notice that #Ethereum sits on top of stable support between $1,800 and $1,870, where 3.4 million addresses bought 11.2 million $ETH.— Ali (@ali_charts) July 11, 2023
However, the resistance between $2,040 and $2,100 is more significant. Here, 1 million addresses had previously purchased 27 million #ETH. pic.twitter.com/i8Vy4W7MW0