Investors, experiencing sharp declines in 2022 Bitcoin (BTC) and cryptocurrencies waiting for it to recover and rise as soon as possible.
Some of the crypto analysts think that the bear market will last a little longer, while others think that the markets will recover soon.
So what does the data say? Popular on-chain data analytics provider centimentnoted that the crypto market is starting to recover, according to on-chain data.
What large whales have sold before Tether (USDT) Stating that they have started to collect again, Santiment stated that this is a sign of an upcoming recovery for the market.
Santiment, also historically BTC and USDT He added that there is a strong and close relationship between them.
“Shark and whale addresses have started to buy back some of the Tether (USDT) they gave back to the market from the end of 2021 to the end of July.
Historically, there has been a striking correlation between Bitcoin’s price and USDT.”
🐳🦈 #Tether‘s shark & whale addresses are adding back some of the $USDT that they dumped from late 2021 through the end of July. We have seen a striking correlation between #Bitcoin‘s price and the amount of #stablecoin buying power from large holders. https://t.co/xfwbRqwPm6 pic.twitter.com/xaQdpAjwNR
— Santiment (@santimentfeed) October 12, 2022
historically, bitcoin and USDT There is a strong correlation between Due to this correlation, with the increase in the supply of USDT at whale and shark addresses, there is an uptrend in Bitcoin.
Accordingly, Santiment considers the start of buying USDT, which has a strong correlation with BTC, as a bullish sign for the market.
centimeter, BTC Although he commented on the recovery due to the strong correlation between USDT and USDT Although the supply of Bitcoin has increased, we see that there has been no increase in Bitcoin price so far.
However, we will see whether the increased supply of USDT will have a positive effect on the BTC price in the coming days.
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