Crypto analysis firm Santiment states that the supply of Bitcoin and Ethereum on exchanges has decreased. However, the largest stablecoin, Tether (USDT), notes that its stack is increasing. According to the analysis firm, this is a potential bullish indicator in the crypto market.
Analyst firm: These two trends are a “golden combination”
Santiment says 24.1% of the total supply of USDT is currently on exchanges. The analysis firm states that this is the highest level since March. The analysis firm also notes that the supply of Bitcoin (BTC) and Ethereum (ETH) on exchanges continues to decline. He emphasizes that this shows that investors are comfortable HODLing the two largest crypto assets. Santiment calls these two trends a “golden combination” and says the firm points to “more buying interest in the future.”
Additionally, Santiment says Bitcoin witnessed the highest unique address activity since April. In this context, the analysis firm records that an average of 1.1 million BTC addresses send and receive assets per day. However, Santiment notes that investors see the recent Bitcoin rally as an opportunity to dispose of their BTC holdings for a small profit.
If FTX starts selling huge crypto holdings!
cryptokoin.comAs you follow from , the bankrupt crypto exchange FTX is on the agenda to start selling its huge crypto assets. Santiment follows this issue closely. According to the analysis firm, dormant Ethereum and Binance Coin (BNB) suddenly took off this week, right in the midst of news about the possible liquidation of FTX. In this regard, the analysis company makes the following statement:
The average age at which Ethereum and Binance Coin tokens are held in wallets has gotten much younger following a major recession. Do you believe both coincide with the FTX liquidations and sales that started this week?
Crypto market performance
Bitcoin price was trading at $26,547.25, up 0.50% at the time of writing. Its volume in the last 24 hours decreased by 7.24% to $11,683,592,830. Meanwhile, Bitcoin price has increased by 2.67% in the last seven days. Meanwhile, the leading cryptocurrency rose as high as $26,840.50 in intraday trading. The intraday high marked the Bitcoin price’s highest level in September, easing concerns about a possible decline this month.
On the other hand, Ethereum price increased by 0.97% to $1,636.73, while its volume decreased by 10.90% to $4,079,256,763. Over the past seven days, the cryptocurrency price has increased by 0.16%. Meanwhile, ETH rose as high as $1,652 during its intraday performance. Toncoin price increased by 12.79% and traded at $2.20 on Saturday. The bullish altcoin’s last 24-hour volume increased by 115.61% to $79,388,871.
However, meme coins failed to show any positive momentum during the ongoing week. Dogecoin price decreased by approximately 1.76% and Shiba Inu price decreased by 2.42%. However, in the last 24 hours, Dogecoin price increased by 0.88% to $0.06226. Shiba Inu price increased by 0.63% and reached 0.000007413 dollars.
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