Tether (USDT) Supply on Exchanges Reaches 30%
New data from Santiment reveals that while supplies for top cryptocurrencies like Bitcoin and Ethereum are moving off exchanges, Tether (USDT) has seen an influx of around 4% of its available supply returning to exchanges over the past five weeks. Currently, there is 30% of the total Tether (USDT) supply sitting on exchanges. This increase in Tether supply on exchanges indicates a rise in buying power within the crypto market, which could help sustain the ongoing mid-term bull cycle that started in October.
Market analysts and investors are closely monitoring these shifts in crypto supplies as they provide insights into potential market trends in the coming months.
Bitcoin Market Correction May Be Over
The recent approval of the spot Bitcoin ETF resulted in selling pressure on BTC, pushing its price down to $38,000 before bouncing back. However, some market analysts believe that this could mark the end of the Bitcoin market correction.
Crypto analyst Michael van de Poppe suggests that the price range for Bitcoin remains relatively clear, indicating that the correction phase may have concluded after the ETF launch. He anticipates a consolidation period for Bitcoin, with a potential for another upward move to the $48,000 to $50,000 range. This stabilization in Bitcoin’s price action could pave the way for altcoins to outperform.
Hot Take: Tether Supply Increase on Exchanges May Boost Crypto Market
The recent increase in Tether (USDT) supply on exchanges is seen as a positive development for the crypto market. With 30% of Tether’s total supply now sitting on exchanges, there is more buying power available to fuel cryptocurrencies. This influx of Tether may contribute to sustaining the mid-term bull cycle that has been ongoing for several months. Additionally, the approval of the spot Bitcoin ETF and the potential end of the market correction indicate a positive outlook for Bitcoin and altcoins. Investors and analysts are closely monitoring these trends to gain insights into the future of the crypto market.
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