Leading analytics firm Santiment says Ethereum (ETH) stakers have little to cheer about as values drop and crypto interest shifts to Bitcoin (BTC).
Santiment says the outlook is souring for ETH stakers as recent gains have retreated and long-term stakers are down more than an average of 30%.
“Ethereum 2.0 stakers have seen realized values completely taper off over the past 10 weeks. Additionally, long-term stakers are now down an average of 31%.”
Ethereum is worth $1,539 at time of writing.
Santiment says that based on its social dominance indicator interest in Bitcoin is at its highest since September as altcoin gains in 2023 have largely retraced. The top crypto asset is also now outperforming many altcoins.
“Bitcoin’s price is -6% in March, but still performing better relative to most altcoins. With crypto giving up much of their Jan/Feb gains, attention has returned to BTC. Higher Bitcoin social dominance historically has initiated market rebounding.”
Bitcoin is trading for $21,682 at time of writing.
Santiment also says that investors are showing skepticism about the outlook of top crypto assets. However, the analytics firm says during periods of fear, uncertainty and doubt (FUD) price bounces are expected.
“Traders and hodlers of top cap assets are showing skepticism after markets have failed to rally following the February 21st peak. As FUD settles in, according to our metrics, probabilities of price bounces increase during this period of disbelief.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney