Bitcoin Traders Ready to Buy as Tether Supply On Exchanges Hits $9 Billion
Popular data aggregator Santiment has tweeted that the buying power of traders on exchanges has surged to a six-month high thanks to a rising USDT concentration, suggesting they may start accumulating Bitcoin.
Are traders ready to buy the crypto dip?
According to the Santiment analytics team, the concentration of Tether stablecoins on centralized crypto trading venues has reached a half-year high. That is 22.5%, or $8.99 billion if converted into fiat.
This high accumulation of stablecoins on exchanges is indicative of traders' buying power rising, analysts from Santiment believe.
The ratio of #Tether stablecoins on exchanges has risen to 22.5%, which is the highest level in over 6 months. This amount of supply converts to $8.99B, indicating a rising level of buying power accumulating on exchanges. https://t.co/Ew9XWwqO2N pic.twitter.com/EjTwvQXOE2— Santiment (@santimentfeed) December 17, 2021
Miners' BTC outflow faces a new low
As per data shared by Glassnode analytics firm, the amount of Bitcoin sent by miners to exchanges has dropped sharply. The Miners to Exchange Flow Index (seven-day MA) has hit a five-year low, totaling 2.655 BTC.
Beyond that, Miner Outflow Multiple (seven-day MA) is facing a four-month low of 0.772.
📉 #Bitcoin $BTC Miners to Exchange Flow (7d MA) just reached a 5-year low of 2.655 BTCPrevious 5-year low of 2.684 BTC was observed on 19 November 2021View metric:https://t.co/WwBf5cbd33 pic.twitter.com/9yrxCVd1TI— glassnode alerts (@glassnodealerts) December 17, 2021
Bitcoin whales are buying up
More data from Santiment has recently shown that large BTC holders known as whales have been adding more of the flagship cryptocurrency to their holdings.
According to figures shared by the analytics agency, the number of whale addresses that store from 100 to 1,000 Bitcoins has soared by 193 wallets compared to only 2.5 months ago.
The Santiment team believes this is a good sign that may show the upcoming growth of the Bitcoin price. So far, the leading cryptocurrency has surged 153.9% year-to-date.Source