Tether (USDT) Movement Signals ‘Future Buy Interest’ As Bitcoin and Ethereum Supply on Exchanges Dips: Santiment
The crypto analytics firm Santiment suggests that the recent movement of USDT onto crypto exchanges could be a bullish indicator. According to Santiment, 24.1% of the total supply of USDT is now held on exchanges, the highest level since March. In addition, the firm notes that the supply of Bitcoin and Ethereum on exchanges has been decreasing, indicating that traders are comfortable holding these assets. Santiment sees these two trends as a “golden combination” that suggests there may be more buy interest in the future.
Bitcoin Sees Highest Unique Address Activity Since April
Santiment also highlights that Bitcoin has been experiencing its highest level of unique address activity since April, with an average of 1.1 million BTC addresses sending and receiving the asset per day. However, the firm notes that some traders are taking advantage of the recent Bitcoin rally to sell their holdings at a small profit.
FTX’s Possible Liquidation Raises Concerns
Santiment is closely monitoring the situation surrounding defunct crypto exchange FTX, which may start selling its massive crypto holdings. The firm points out that dormant Ethereum and Binance Coin suddenly moved this week, coinciding with news about FTX’s possible liquidation. Santiment questions whether these movements are related to FTX’s sell-offs.
Hot Take: Tether Movement Suggests Bullish Sentiment
The recent movement of USDT onto crypto exchanges is seen as a potentially bullish indicator by Santiment. With 24.1% of USDT’s total supply now on exchanges, the highest level since March, it suggests increased confidence and buying interest in the market. Furthermore, the decrease in the supply of Bitcoin and Ethereum on exchanges indicates that traders are holding onto these assets. These trends combined point towards a positive outlook for the future of cryptocurrencies, with the potential for more buy interest to come.
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