Crypto trader and analyst Ali Martinez recently tweeted a snapshot from Glassnode that displays the aggregate market realised value net position change index for Bitcoin and Ethereum, the top two digital currencies by market size.
Martinez stated on Twitter that he has seen a drop in stablecoin holdings among cryptocurrency investors as a result of their conversion of USDT and USDC for Bitcoin and Ethereum and subsequent acquisition of those coins. This suggests, in the analyst’s opinion, that investors currently have a larger risk tolerance.
As if to support that, Glassnode recently tweeted that the total amount of Bitcoin held on centralised cryptocurrency exchanges (CEXes) had fallen to a five-year low, totaling 2,249,389.489 BTC.
According to CoinMarketCap, the most popular cryptocurrency Bitcoin is currently selling at $30,698, up 0.93% over the previous day.
Waiting for Ethereum to break above $2,100
The expert also pointed out to his followers that Ethereum, the second-largest cryptocurrency by market value, is now trading above a reliable support level in the region of $1,800 and $1,870. He said that almost 3.5 wallets purchased 11.2 million Ethereum in this region.
Martinez feels that it would be far more exciting to witness Ethereum break through the resistance between the $2,040 and $2,100 levels because 27 million ETH had been purchased by one million cryptocurrency wallets at this price point. The on-chain data provider IntoTheBlock provided that graph.
