Crypto analytics firm Santiment is pointing out some under-the-radar bullish signals in five crypto assets.
In a new blog post, Santiment says they’ve been keeping an eye on the number of new addresses being created for each crypto plus their activity, compared to the number of deposits on exchanges.
The research firm says that when the number of new addresses and amount of activity goes up, and at the same time, the amount of deposits on exchanges goes down, it can be interpreted as a potentially bullish signal.
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“When active addresses move up over time for a crypto asset, while active deposits move down, it’s a reliable indication of a token seeing growing utility without funds moving to exchanges for potential sell-offs. In other words, this is a very bullish pattern our pro traders look for often.”
They previously posited this metric with Ethereum (ETH) before the second biggest crypto by market cap leaped to new all-time highs.