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Bitcoin Traders Ready to Buy as Tether Supply on Exchanges Hits $9 Billion

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Fri, 12/17/2021 - 13:35
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Yuri Molchan
Latest analytics data shows that buying power of traders is accumulating on exchanges, rising to new high
Bitcoin Traders Ready to Buy as Tether Supply on Exchanges Hits $9 Billion
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Popular data aggregator Santiment has tweeted that the buying power of traders on exchanges has surged to a six-month high thanks to a rising USDT concentration, suggesting they may start accumulating Bitcoin.

Are traders ready to buy the crypto dip?

According to the Santiment analytics team, the concentration of Tether stablecoins on centralized crypto trading venues has reached a half-year high. That is 22.5%, or $8.99 billion if converted into fiat.

This high accumulation of stablecoins on exchanges is indicative of traders' buying power rising, analysts from Santiment believe.

Miners' BTC outflow faces a new low

As per data shared by Glassnode analytics firm, the amount of Bitcoin sent by miners to exchanges has dropped sharply. The Miners to Exchange Flow Index (seven-day MA) has hit a five-year low, totaling 2.655 BTC.

Beyond that, Miner Outflow Multiple (seven-day MA) is facing a four-month low of 0.772.

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Bitcoin whales are buying up

More data from Santiment has recently shown that large BTC holders known as whales have been adding more of the flagship cryptocurrency to their holdings.

According to figures shared by the analytics agency, the number of whale addresses that store from 100 to 1,000 Bitcoins has soared by 193 wallets compared to only 2.5 months ago.

The Santiment team believes this is a good sign that may show the upcoming growth of the Bitcoin price. So far, the leading cryptocurrency has surged 153.9% year-to-date.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.