Blockchain analytics powerhouse, Santiment, has highlighted a significant movement of the stablecoin Tether (USDT) back onto cryptocurrency exchanges. Historically, such substantial inflows have acted as precursors to bullish market shifts.
💸 The $9.99B worth of #Tether sitting on exchanges is the highest level of buying power for #crypto's top #stablecoin in approximately seven months. Since June 13th, these exchanges have seen a 40% increase in available $USDT. https://t.co/nx5Pbb1Oud pic.twitter.com/G9pINqzcg4
— Santiment (@santimentfeed) October 9, 2023
Santiment’s data paints a vivid picture, pointing out that the quantity of USDT circulating on exchanges has surged to levels reminiscent of March 2023. This resurgence essentially amplifies the “buying power” available to cryptocurrency investors.
Diving into the numbers, an eye-popping $9.99 billion in Tether now resides on exchanges. This represents the zenith of purchasing potential for this leading stablecoin, unseen for almost seven months. To further put this into perspective, since June 13th, there has been a remarkable 40% hike in the USDT available on these platforms.
For historical context, Santiment’s charts reveal that USDT achieved an all-time high of approximately $16.96 billion on exchanges around August 2022. This monumental figure then took a nosedive, plummeting to a mere $7.12 billion by June 2023. This transition marked a significant reduction of over 58%.
Ethereum’s Current Stand: Bearish Descent or Precursor to a Rally?
Switching gears to Ethereum (ETH), Santiment’s analysis provides another nugget of potential optimism. They suggest that Ethereum, despite its bearish sentiment, might be gearing up for a significant upward trajectory. As of now, Ethereum’s value stands at $1,570. This dip in price and the growing impatience among traders are hinting at a potential market rebound. This sentiment is based on the classic trading psychology that escalating bearish sentiment can sometimes foreshadow a market turnaround.
Further insights from Santiment spotlight Ethereum’s social dominance indicator, a metric that quantifies the volume of Ethereum-centric discussions across crypto media. Currently, this indicator is glowing with bullish undertones, as conversations around ETH have elevated to levels last noted in February 2023.
As of the latest data check, Ethereum’s trading value hovers around $1,578, marking a slight 0.9% decline over the past 24 hours. Investors and enthusiasts are keenly watching, hoping for these indicators to translate into tangible market movements.
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