Tether (USDT) Movement Signals ‘Future Buy Interest’ As Bitcoin and Ethereum Supply on Exchanges Dips: Santiment - The Daily Hodl
Troves of the top stablecoin USDT are moving back onto crypto exchanges, a potentially bullish indicator, according to the crypto analytics firm Santiment....
- Santiment, a crypto analytics firm, suggests that the movement of stablecoin USDT back onto crypto exchanges is a potentially bullish indicator.
- Currently, 24.1% of USDT's total supply is on exchanges, the highest level since March.
- Bitcoin and Ethereum's supply on exchanges has been decreasing, indicating that traders are comfortable holding these assets.
- Santiment sees this combination as a positive sign for future buying interest.
- Bitcoin has been experiencing high levels of unique address activity, with an average of 1.1 million BTC addresses sending and receiving the asset per day.
- However, Santiment notes that some traders are using the recent Bitcoin rally as an opportunity to sell their holdings for a small profit.
- Santiment is also monitoring the possibility of defunct exchange FTX selling its crypto holdings, as dormant Ethereum and Binance Coin tokens have suddenly moved.
The overall sentiment of the article seems positive, highlighting potentially bullish indicators for the crypto market. However, there is also a mention of traders taking profits during the Bitcoin rally and the potential impact of FTX's liquidation.