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Crypto High Risk Appetite Noticed Among Investors as They Convert Stablecoins Fast Now

Wed, 07/12/2023 - 13:00
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Yuri Molchan
Analyst has shared recently published data about stashes of stablecoins being quickly converted into the following digital assets
Crypto High Risk Appetite Noticed Among Investors as They Convert Stablecoins Fast Now
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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.

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.

Bitcoin's (BTC) Run to $30,000 Is Not What You Think at All

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at