The cryptocurrency market is at a critical juncture, stuck between bullish and bearish trends regarding its short-term outlook. Despite the fact that the Bitcoin price is hovering between $31,000 and $30,000 without a clear bullish trend, experts altcoin expects a near breakout to shed light on the market.
Santiment’s analysesleading stablecoins Tether USDT And Circle USDCIt reveals that . contains valuable information for understanding the Bitcoin market. Observing a decline in stablecoin reserves in an environment where the Bitcoin price is rising is considered highly bullish, while the opposite indicates a downward trend. By leveraging this fundamental principle, it becomes easier to predict the overall crypto market outlook.
📊 While many are paying attention to #Bitcoin‘s on-chain & social metrics, traders continue undervaluing the important signals firing off with #Tether & #USDCoin. Read how we use #crypto‘s ball 2 #stablecoins to see market-wide moves before they happen. 👀https://t.co/OvuiZOT4bK pic.twitter.com/bpUsTmpT9c
— Santiment (@santimentfeed) July 11, 2023
NEWS CONTINUES BELOW
The Future Looks Bright
According to Santiment’s analysis of stablecoins, influential market players commonly known as whales and sharks are bullish. The decrease in their supply on exchanges coincides with the recent increase in Bitcoin’s value. Furthermore, the report highlights the accumulation of stablecoins on exchanges, pointing to a growing interest among traders in acquiring crypto assets.
Santiment concluded, “Judging how similar the top 10 addresses for both assets are to the overall supply on exchanges, we can say that most of the largest addresses are currently on exchanges.”