Santiment: Holders move Ethereum off exchanges, indicating traders are hoarding ETH

Odaily Planet Daily News Santiment analyzed that in the past 24 hours, Ethereum prices outperformed the broader cryptocurrency market, with a rare rise, hitting a 12-day high, showing signs of a "mild rebound". Ethereum hit an intraday and 12-day high of $2,832 on February 17, but failed to maintain the momentum and fell back to $2,720 in early trading on February 18. ETH rose 2% that day, while the total market value of the broader cryptocurrency market fell 2.4%. Santiment also added that in the long run, "Ethereum is moving from exchanges to cold wallets at an alarming rate," with only 6.38% of the available supply left on exchanges. Santiment said that when crypto assets are transferred from centralized exchanges, it usually indicates that investors are holding. This "reduces the probability of a massive sell-off. But it should be viewed as a long-term indicator, not an indicator that reacts based on swing trading." Analysts also commented that the community showed some renewed interest in Ethereum in February after a long period of sluggish performance. (Cointelegraph)