Blockchain analytics platform Santiment says that huge amounts of stablecoin Tether (USDT) are returning to crypto exchanges, which is often a bullish signal.
The analytics platform says that the amount of USDT on exchanges has reached a level last seen in March 2023, giving a boost to the “buying power” of crypto investors.
“The $9.99 billion worth of Tether sitting on exchanges is the highest level of buying power for crypto’s top stablecoin in approximately seven months. Since June 13th, these exchanges have seen a 40% increase in available USDT.”
Looking at the firm’s chart, USDT had a peak high of $16.96 billion on exchanges in August 2022, which declined to a low of $7.12 billion in June 2023, a more than 58% decrease.
The firm also says that Ethereum (ETH) appears setting the stage for a big move on the upside as bearish sentiment rises.
“Ethereum has dropped to $1,570, and crypto’s number two market cap asset has become an increasingly polarizing topic. Currently at its lowest fee levels of 2023, traders are growing impatient. Rising bearish sentiment is a good sign of an impending turnaround.”
According to Santiment, Ethereum’s social dominance indicator, a measure of discussions in crypto media that refer to the asset, is also flashing bullishness with ETH discussions on platforms increasing to a level last seen in February 2023.
Ethereum is trading for $1,578 at time of writing, down 0.9% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
This news is republished from another source.
