According to Santiment, which effectively analyzes the cryptocurrency market, there has been a significant change in Tether (USDT), which has an important position in the market and is one of the most used stablecoins. Tether (USDT), the most popular stablecoin, has seen significant transfers to crypto exchanges in the last six months, according to Santiment data. This can be interpreted as a potential bullish signal.
The firm first reported a “mild” return of Bitcoin (BTC) to exchanges this month due to trader uncertainty. explained. On the other hand, Santiment announced that the amount of USDT on the exchanges also increased. While BTC’s return to the stock exchanges is generally considered a sign of selling, it has been observed that USDT’s entry into the stock exchanges in the same period creates a contrast against Bitcoin sales.
According to Santiment, the amount of stablecoins issued by Tether in circulation on exchanges in the last six months has increased by approximately 7%. This is considered a “great sign for the bulls” as it brings new purchasing power to the market.
When investors move their Bitcoins to the stock market, it can be interpreted as they are considering selling their assets or aiming to make a profit. On the other hand, if the amount of USDT on crypto exchanges has increased, this is generally considered an indication that investors are preparing to buy.
In addition to the increasing stablecoin supply, another notable indicator is that approximately 26% of the total supply of USDT is available on exchanges.
Additionally, according to Santiment’s data, the decline in cryptocurrency prices over the weekend caused traders to monitor market movements more closely and react quickly. However, the company states that investors should be careful, emphasizing that markets often move in directions that the crowd least expects.
“Crypto markets are now on the rise again, completing what appears to be a temporary bear trap. As markets have fallen over the past few days, calls for a top, or investors being bearish, have started to increase. “Markets are moving in the direction the crowd least expects.”
Finally, Santiment notes that altcoins, especially Solana (SOL), are recovering quickly from price declines over the weekend. The firm warns that the positive social sentiment of the popular cryptocurrency SOL may need to cool before the asset can make a significant move higher.
You can follow the current price movement here.