Crypto analysis platform Santiment reported yesterday on its Twitter account that the supply of BTC and ETH on cryptocurrency exchanges is decreasing, and shared the latest data. According to Santiment’s data, the supply of BTC on exchanges decreased by 5.9% and the supply of ETH decreased by 8.5%. During the same period, USDT increased to 24.1%, reaching the highest level since March.
Decrease in BTC and ETH Supply on Exchanges
Crypto analysis platform Santiment drew attention to the supply of BTC and ETH on cryptocurrency exchanges with a post on its Twitter account, while the rise in the crypto market continues, and shared the latest data. Significant decreases have been observed in the supply of BTC and ETH on cryptocurrency exchanges in recent times.
According to the data shared by Santiment, the supply of BTC on cryptocurrency exchanges decreased by 5.9% and the supply of ETH decreased by 8.5%. On the other hand, while the supply of BTC and ETH on exchanges continues to decrease, the supply of USDT, the leading stablecoin in the crypto ecosystem in terms of trading volume, increased.
According to the data of the crypto analysis platform, the supply of the leading stablecoin USDT on cryptocurrency exchanges increased to 24.1%. Santiment emphasized that the current ratio is the highest level seen since March.
What Do the Latest Data Mean?
Santiment, which drew attention to the decrease in the supply of BTC and ETH on cryptocurrency exchanges, stated in its post that the increase in the supply of USDT on exchanges during the same period may indicate an upward signal for price performance. The crypto analysis platform used the expression “this indicates more buying interest in the future” in its post.
On the other hand, crypto analyst Michael Van de Poppe pointed out the possible price levels that could play a critical role for BTC in the short term during the week. The analyst stated that for Bitcoin to regain upward momentum, it needs to exceed the $26,800 levels in the short term, and in case of a possible decline, BTC may find support around $25,600-$25,900.
