While Bitcoin Supply in Stock Exchanges is Falling, Tether (USDT) Supply is Rising! What Does This Difference Signify Historically: Decline or Rise?

Leading cryptocurrency Bitcoin It continues to remain above $38,000 with its 2% increase in the last 24 hours.

BTC While this rise creates a positive atmosphere in the market, on-chain data shows that a large number of Bitcoins are leaving the exchanges.

Stating that at this point, investors tend to keep their Bitcoins to themselves. centimetersaid that this situation reflects the decrease in Bitcoin supply on exchanges.

Pointing out that the general Bitcoin supply in the exchanges decreased to 5.38%, Santiment stated that this level was the lowest level since December 2017.

Santiment also added that the $15.23 billion USDT held in the top 10 Tether exchange wallets is the highest since June 2022.

“Bitcoin’s supply on exchanges continues to decrease. This shows that investors tend to keep their BTC to themselves.

Meanwhile, the top 10 Tether exchange wallets hold $15.23 billion, pushing purchasing power to a 17-month high.”

💸 #Bitcoin‘s supply on exchanges has continued moving into self-custody, as exchange reputation continues to diminish. Meanwhile, the 10 largest #Tether exchange wallets hold $15.23B, pushing exchange buying power to its highest level in 17 months. 💪 https://t.co/AtjD9ve3YO pic.twitter.com/XJ0uuTiAZx

— Santiment (@santimentfeed) November 29, 2023

Evaluating the decline in the overall Bitcoin supply on exchanges, analysts stated that this decline could serve as a bullish catalyst going forward.

Additionally, analysts in stock markets Tether And Bitcoin Stating that the difference between the amount may indicate a significant deviation, he stated that historically such a difference is usually an indicator of the beginning of an upward trend in the cryptocurrency market.

*This is not investment advice.