Santiment: Short Squeeze Looming For BNB, AXS, XMR, NEM, ANKR, SC & DGB
According to Santiment, a leading crypto intelligence firm, seven altcoins could be experiencing major price spikes under-the-radar data reveals.
A noteble number of short-sellers are piling into altcoins, which raises the the probability of a looming short squeeze. Santiment writes.
A short squeeze happens when many investors short a stock (bet against it) but the stock’s price shoots up instead.
According to Santiment a large number of short positions, combined with negative funding rates on exchanges are threatening the bears when it comes to Binance Coin (BNB), Axie Infinity (AXS), Monero (XMR), NEM (XEM), Ankr (ANKR), SiaCoin (SC) and DigiByte (DGB).
“We’re seeing a notable rise in leveraged short positions across different #crypto assets currently. Average exchange funding rates are negative for altcoins such as ANKR, XEM, SIA, XMR, AXS, DGB, & BNB. If these shorts are liquidated, it can lead to major price spikes.”
? We're seeing a notable rise in leveraged short positions across different #crypto assets currently. Average exchange funding rates are negative for #altcoins such as $ANKR, $XEM, $SIA, $XMR, $AXS, $DGB, & $BNB. If these shorts are liquidated, it can lead to major price spikes. pic.twitter.com/ojKvOi71wc
Bitcoin (BTC) Looks Better Than Its Current Price Indicates
Santiment also identified certain bullish on-chain metrics when it comes to Bitcoin (BTC). BTC is flying out of exchanges at fastest rate since 2018, which could imply that another major liquidation event is less likely to happen, the crypto intelligence firm points out.
“In the midst of Bitcoin’s 10-week price retrace, its ratio of supply on exchanges has dropped to its lowest level since November 2018. Traders moving BTC to cold wallets continues, and this milestone points to less risk of a continued major selloff.”
? In the midst of #Bitcoin's 10-week price retrace, its ratio of supply on exchanges has dropped to its lowest level since November, 2018. Traders moving $BTC to cold wallets continues, and this milestone points to less risk of continued major selloffs. https://t.co/QarP5PFjGfpic.twitter.com/ZbWqRrlf4O
Investors holding between 1,000-10,000 BTC, have accumulated over 40K BTC in the last two days, Santiment notes.
“Bitcoin has rebounded, and is +$1,000 in price the past 5 hours. Now sitting at $42.4k, this comes after whales have accumulated 40k more BTC in the past 2 days alone. They now are back to owning the same amount from before their dump began at $49k.”
?? #Bitcoin has rebounded, and is +$1,000 in price the past 5 hours. Now sitting at $42.4k, this comes after whales have accumulated 40k more $BTC in the past 2 days alone. They now are back to owning the same amount from before their dump began at $49k. https://t.co/1ZnyrYpr1Spic.twitter.com/vR2GgXPUlZ
