The Fantom (FTM) supply on exchanges has been rising in recent times, leading to speculations for what this might mean for the price of the cryptocurrency. Going by trends in the crypto market of when the exchange balances of a particular coin goes up, there might be some pain ahead for FTM investors.
Fantom Supply On Exchanges Rise By 16 Million
The Fantom price had increased over the last month to reach a new three-year high above $1.2. However, this rally was only short-lived and the altcoin has begun to eliminate its gains from the month of March gradually in the past week.
One culprit for this decline in price is the high level of selling that have been taken place among FTM holders, majority of which have been holding their coins for a rather long time. As a result, the available supply of Fantom on centralized exchanges continued to balloon as investors rush to sell off their tokens and capitalize on gains.
Data from the on-chain tracking website Santiment shows tha
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