Cryptocurrency markets are once again buzzing with excitement owing to the latest bullish reversal. The world’s largest stablecoin, Tether, once again takes the spotlight.
After a sharp upward trend, top crypto-assets, including Bitcoin and Ether, underwent mild correction. But the odds could still favor the upside.
Recent data from crypto analytic firm Santiment reveals a significant surge in Tether’s presence on exchanges. This development may suggest that investors may be gearing up for fresh buying opportunities.
- According to Santiment, the amount of USDT on exchanges has recently increased from 17.6% to 24.7%.
- This jump signifies a substantial rise in the proportion of the stablecoin available for trading on various cryptocurrency platforms. Tether’s increased presence on exchanges often indicates growing interest from investors looking to enter or re-enter the crypto market.
- The crypto analytic firm also highlighted the increase in the USDT holdings of the ten largest addresses, which surged from $7.30 billion to $9.42 billion in just three months, suggesting that this cohort of market players are increasing their positions in Tether.
🤑 The amount of #Tether on exchanges has picked up, increasing from 17.6% to 24.7%, approximately the highest amount of #stablecoin buying power in 6 months. The 10 largest addresses have also upped their $USDT holdings from $7.30B to $9.42B in 3 months. https://t.co/NnSgk67WJp pic.twitter.com/NNU5Qxr9bZ
— Santiment (@santimentfeed) October 3, 2023
- Stablecoin inflows, like the surge in USDT, are often seen as a sign that investors are preparing to execute buy orders at current or lower price levels. This suggests growing confidence in the crypto market and a desire to seize opportunities presented by the recent market upturn.
- This development comes against the backdrop of a resurgence in the market. Bitcoin, the leading cryptocurrency, recently breached the $28,400 mark for the first time since mid-August.
- This bullish move has ignited optimism among investors who believe that “Uptober” has finally arrived.
- Moreover, Bitcoin wallets holding 10-10K BTC have accumulated billions of dollars in the past month, which could potentially drive the prices even higher.