Tether (USDT) Movement Signals ‘Future Buy Interest’ As Bitcoin and Ethereum Supply on Exchanges Dips: Santiment
Troves of the top stablecoin USDT are moving back onto crypto exchanges, a potentially bullish indicator, according to the crypto analytics firm Santiment.
Santiment notes 24.1% of USDT’s total supply now sits on exchanges, the highest level since March.
The analytics firm also notes that Bitcoin (BTC) and Ethereum’s (ETH) supply on exchanges has resumed going down, indicating traders are comfortable in HODLing the top two crypto assets.
Santiment calls those two trends “a golden combination” which the firm says indicates “more future buy interest.”
Additionally, the analytics firm says Bitcoin has been witnessing 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, Santiment says that traders are seeing the recent Bitcoin rally as an opportunity to unload their BTC holdings at a small profit.
Santiment is also keeping a close watch on the issue that defunct crypto exchange FTX may start selling its massive crypto holdings. According to the analytics firm, dormant Ethereum and Binance Coin (BNB) suddenly moved this week just amid news about FTX’s possible liquidation.
“The average age in which Ethereum and Binance Coin tokens have been sitting in wallets both became much younger after massive stagnation. Do you believe both coincide with the FTX liquidations and sell-offs that began this week?”
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