Bitcoin faced severe selling pressure after the spot ETF approval and fell to $41,000 levels.
While there have been sharp declines in BTC, altcoins have remained stronger than Bitcoin.
Indeed, the growing expectation that Ethereum spot ETF approval would be next after Bitcoin ETFs caused ETH and some altcoins to surge.
Making an assessment at this point, Santiment reported that Bitcoin, Ethereum, and XRP are currently showing historically high high-risk profit levels.
Stating that these figures exceed the average range of 55%-75% dating back to 2018, Santiment said that although ETH shows upside potential due to increasing risks and positive news from ETFs, profitability must be achieved for growth long-term sustainable in ETH, BTC and XRP will occur. You said the level should fall below 75%.
At this point it has been stated that these levels could be interpreted as a correction signal for BTC, ETH and XRP.
“Bitcoin (83%), Ethereum (84%), and XRP (81%) supplies are at high-risk profit levels. These levels exceeded the average range of 55%-75% dating back to 2018.”
But cryptocurrencies could definitely still rise due to increased exposure.”
💰 #Bitcoin (83%), #Ethereum (84%) and #XRPLedger (81%) have their respective supplies at high-risk profit levels historically compared to their averages hovering in the 55%-75% range dating back to 2018 #Crypto can absolutely still rise thanks to increased exposure from pic.twitter.com/ADmMcl5zhO
— Santiment (@santimentfeed) January 18, 2024
*This is not investment advice.
