- Santiment reported an increase in USDT supply on crypto exchanges.
- The report observed that 25.8% of all USDT is now held on exchanges, a 6.9% increase in the past six months.
- Santiment said the rise could be a great sign for bulls and could counter the recent massive selloffs.
In a recent post on X (formerly Twitter), cryptocurrency data tracking platform Santiment reported an increase in the number of USDT stablecoin transfers to crypto exchanges.
According to the post, there is now 6.9% more USDT on exchanges compared to data seen six months ago. Santiment described this trend as a great sign for bulls, which could bring in new buying power to counter the recent market pullback. Per the report, 25.8% of the total supply of USDT is now held on cryptocurrency exchanges.
USDT, USDC, BTC, ETH Supply on Exchanges | Source: Santiment
At the same time, the platform also reported a slight movement of Bitcoin to exchanges as market uncertainty looms. Currently, 5.5% of all Bitcoins are on exchanges. By contrast, 8.1% of the total supply of Ether is held on crypto exchanges.
Meanwhile, Santiment’s report follows an unexpected slump in Bitcoin’s price…
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