Glassnode Alerts Find Bullish Signal on Bitcoin and Ethereum

Experts from the analytical service Glassnode Alerts report that after a study of cryptocurrency exchanges, they found some signals that may indicate the beginning of the growth of two main digital assets: Bitcoin and Ethereum.

Glassnode Alerts find it optimistic that many exchanges are recording BTC withdrawals outside the platforms and over the past 24 hours, according to their observations, more digital assets have been withdrawn than entered. This shows that investors are focused on long-term prospects and are not going to engage in speculative transactions.

The analytical company also noted the fact that the CEX cryptocurrency exchange has seen a rush of money into stablecoins. This opens up the possibility for a scenario of mass buying of cryptocurrencies, which can also affect the price of major assets in a positive way.

$46,800,000 worth of bitcoins were withdrawn this morning, and the total amount of withdrawals of all BTC over the past 24 hours exceeded $300,000,000. In the case of Ethereum, the amounts are much more modest, however, the prevalence of depositing funds over their withdrawal from exchanges is still noticed.

Ethereum was deposited to cryptocurrency platforms for $86,400,000+, while the withdrawal exceeded the threshold of $102,800,000.

According to Glassnode Alerts, more stablecoins were deposited to brokerage sites than withdrawn. For example, Tether entered the platforms in the amount of almost $280,000,000, while withdrew almost $228,000,000 from there.

Stablecoin dominance chart

Although Bitcoin and Ethereum are showing more outflows than inflows, the market situation as a whole seems to be ambiguous. It would be too early to talk about the beginning of a bull cycle in such a situation, however, according to the behavior of investors in the cryptocurrency market, one can see that they are set up for the long term, which may mean the beginning of the rise in the value of cryptoassets in the future.