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Recent data reveals a significant drop in the supply of Fantom (FTM) coins held in cryptocurrency exchange wallets, reaching 639 million, the lowest since January 10, 2022. This reduction in available FTM on exchanges coincides with a Bitcoin-led rally, suggesting that investors are opting to hold onto their coins potentially signaling a bullish trend.
Why Are Investors Holding FTM?
On April 4, the FTM supply on exchanges peaked at 674 million coins but has since dropped by 5%. This decrease suggests that investors are moving their assets into private wallets, indicating long-term holding strategies. When fewer coins are available on exchanges, it can lead to increased demand and potentially higher prices.
What Does Average Coin Age Indicate?
The Average Coin Age of FTM is also on the rise. This metric, which measures the average time coins have been held by their current owners, shows that investors are retaining their FTM for longer periods. Currently, the Average Coin Age stands at 631, reflecting continued accumulation as exchange supply diminishes.
Key Inferences for Investors
– The declining supply of FTM on exchanges suggests a bullish outlook as demand could outpace supply.
– Rising Average Coin Age indicates that investors are confident in holding FTM long-term.
– The Parabolic SAR indicator points to a potential price rally if current trends persist.
As of the latest data, FTM’s price has decreased by 8.23% to $0.4748, influenced by a drop in Bitcoin value. Over the past month, FTM’s value has seen a decline of 2.34%. However, the Parabolic SAR indicator suggests a possible rally, with points remaining below FTM’s price since July 9. If the upward trend continues, FTM could target $0.57, stabilizing above $0.5. Conversely, a reversal could see prices fall to $0.37.