Santiment, the esteemed blockchain intelligence firm, highlighted a significant trend, a notable shift in the exchange supply of Bitcoin and Ethereum. The supply of these leading cryptocurrencies on exchanges has declined, a trend many interpret as a positive sign for the market.
👍 #Bitcoin's & #Ethereum's exchange supply has resumed going lower as traders appear content #hodling. And the even better news is that #Tether is moving back on to exchanges, now at the highest level since March. This indicates more future buy interest. https://t.co/j5aviy3b5F pic.twitter.com/22b90022aB
— Santiment (@santimentfeed) September 15, 2023
The decrease in exchange supply suggests that traders are increasingly confident in holding onto their assets, commonly called “holding” in the crypto community. This trend is often seen as an indicator of a bullish market sentiment, as fewer people are willing to sell their holdings. When traders opt to hold their cryptocurrencies rather than sell them, it could decrease selling pressure, positively impacting the price of these digital assets.
Adding to the optimistic outlook is the movement of Tether back onto exchanges. Tether, a stablecoin often used as a gateway for buying and selling other cryptocurrencies, has reached its highest level on exchanges since March. This is considered a significant indicator of future buying interest in the market.
The influx of Tether onto exchanges could mean several things. For one, it suggests increased liquidity in the market, making it easier for traders to buy and sell. Moreover, the high level of Tether could also indicate traders gearing up for future investments in other cryptocurrencies, including Bitcoin and Ethereum.
Additionally, fresh insights emerge from Santiment’s data, an impressive 24.1% of USDT’s supply currently graces exchange platforms, a statistic not witnessed since March. Meanwhile, Bitcoin and Ethereum trail behind, holding 5.9% and 8.5% of their supplies on exchanges.
In the last 24- hours, Bitcoin has recorded a price decrease of 0.34% and is currently trading at $26,548.01. However, ETH, the leading altcoin, has recorded a price surge of 0.43% and is exchanging hands at $1,636.86. Bulls in the BTC market have set intraday highs of $26,840.50 and intraday lows of $26,240.70.
