Will crypto finally bounce? The research firm hints at one key catalyst behind the recent market-wide rally

Research firm Santiment says the crypto market is primarily a “sea of ​​green” as major digital assets begin to surge.

Holy says that despite the fact that Bitcoin (BTC), Ethereum (ETH) and altcoins such as ApeCoin (APE), Fantom (FTM), Ethereum Classic (ETC) and THORChain (RUNE) are registering double-digit percentage growth, mentions in social media are decreasing.

According to Santiment, the declining discussion rates of cryptoassets on social media forums indicate that the fear of missing out on gains (FOMO) has not gripped retail investors, suggesting that the markets are likely not overheated yet.

“Bitcoin is +1[ads1]2% and has bounced back above $23,000 this week. The biggest story has been Ethereum (+33%) and altcoins like ETC (+69%), APE (+39%), FTM (+33%) and RUNE (+31%). As long as the social volume stays down, the crowd doesn’t have FOMO fever yet.”

Will crypto finally bounce?  The research firm hints at one key catalyst behind the recent market-wide rally
Source: Santiment/Twitter

Looking at Ethereum, the research firm says the main stakeholder groups of the second largest crypto asset by market capitalization changed their behavior after July 13 when ETH fell to a low of around $1,000.

Source: sentimentfeed/Twitter

According to Santiment, holders of between 1,000 to 10,000 ETH are reducing their balances. The research firm says that those holding 10 to 100 ETH are expanding while those holding between 100 to 1,000 ETH are adding to their balances after first selling off their holdings.

“Especially the group from 1,000 to 10,000 ETH, their holding is decreasing. Of course, we cannot say that there is a real dumping because of a number of liquidity pools and maybe exchanges in this group. But it is clear that their balance is decreasing.

The 10-100 ETH group is slow but growing.

Small holders 0-10 ETH do not know what to do, do nothing, probably afraid of the last bottom and still in worries.

100-1000 ETH holders took some profit at first but then went up again.

And all of them were triggered by the bottom on July 13.”

ETH is trading at $1,559 at the time of writing, while BTC is changing hands at $22,813.

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