Santiment, a well-known blockchain intelligence platform shared a post on X yesterday. The report disclosed that both top crypto assets Ethereum (ETH) and Bitcoin (BTC) have witnessed a continuous slump in their exchange supplies. As the post mentioned, this signifies that the traders seemingly feel satisfaction while holding these two market-leading crypto assets.
👍 #Bitcoin's & #Ethereum's exchange supply has resumed going lower as traders appear content #hodling. And the even better news is that #Tether is moving back on to exchanges, now at the highest level since March. This indicates more future buy interest. https://t.co/j5aviy3b5F pic.twitter.com/22b90022aB— Santiment (@santimentfeed) September 15, 2023
ETH and BTC Witness a Plunge in Exchange Supply While USDT Sees a Significant Rise
It is noteworthy that Tether (USDT), the biggest stablecoin in terms of market capitalization, has been seeing an increase simultaneously. The respective rise in the supply of USDT on exchanges suggests some significant development. It indicates that the traders and investors are getting ready to buy additional crypto assets. This may pave the way for price increases in the crypto industry.
Santiment brought to the front in the post that the rising stablecoin’s 24.1% supply is at present on exchange companies. This plays the role of the biggest supply of USDT on exchanges since this year’s March. In the meantime, 5.9% supply of BTC while 8.5% supply of ETH accounts for exchange companies. From a technical perspective, the crypto statistics firm CoinMarketCap revealed that ETH remained effective in outcompeting BTC in the previous twenty-four hours.
ETH Rose by 0.35% While BTC Plunged by 0.27% in Previous 24 Hours
During the respective time, the chief altcoin witnessed a price rise of nearly 0.35%. This boosted the price of ETH to $1,639.42 up till now. On the contrary, Bitcoin went through a loss of approximately 0.27% in the recent twenty-four hours. This pulled down its price to $26,554.89.
Moreover, the price of the market leader kept on trading above the respective optimistic chart pattern. In the case of the continuation of this bullishness, Bitcoin’s price may try to reach the resistance point of $28,200 in the next week. In contrast, an increase in traders’ profit-taking operations could lead BTC to plunge below its immediate support level of $26K.
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