Possible bullish signs emerging as crypto investors assess last week’s carnage

28 May 2021

???? BTC | $38,695 (-102, -0.3%)

???? ETH | $2,752 (-64, -2.3%)

???? XRP | $0.98 (-0.03, -3.2%)

???? LTC | $194 (-1, -0.8%)

Ethereum-based De-centralised Exchange (DEX) Uniswap is likely to deploy on an upcoming Ethereum-based second-layer scaling solution. This move promises lower fees and faster transactions, using a technology known as “optimistic rollups”. Uniswap is consistently ranked among the largest DEXs in the world, a place where users can swap cryptocurrencies without a middleman.

A whole range of evidence is suggesting that large Bitcoin wallets again bought the dip over the past week. High volumes of large buy orders were tracked on exchanges such as Binance, while OKEx’s (exchange) top traders long-to-short ratio showed an abnormally high spike in long positions. Glassnode (blockchain data company) data also estimates that Bitcoin whales (large wallets) bought 122,588 BTC during the worst of the market crash last Wednesday.

Glassnode data also shows that the “demographic” that sold the most Bitcoin (by number of wallets) over the last week were those holding Bitcoin for between 1 week to 1 month only (Spent Output Age Bands). By comparison, the demographic that did the most buying, were wallets holding 10K – 100K BTC.