Tether (USDT) on exchanges has reached its highest buying power in 6 months, at 24.7%.

Last updated on October 5, 2023

Cryptocurrency markets are experiencing a surge of excitement as the latest bullish reversal takes place. Tether, the world’s largest stablecoin, is once again in the spotlight. While top crypto-assets like Bitcoin and Ether recently underwent a mild correction after a sharp upward trend, the odds continue to favor the upside.

Santiment, a crypto analytic firm, has revealed that there has been a significant increase in Tether’s presence on exchanges. This could suggest that investors are gearing up for fresh buying opportunities. The amount of USDT on exchanges has risen from 17.6% to 24.7%, indicating a substantial increase in the proportion of the stablecoin available for trading on various cryptocurrency platforms. The increased presence of Tether on exchanges often signifies growing interest from investors who are looking to enter or re-enter the crypto market. Additionally, Santiment has highlighted the increase in the USDT holdings of the ten largest addresses, which have surged from $7.30 billion to $9.42 billion in just three months. This suggests that this group of market players is increasing their positions in Tether.

The surge in stablecoin inflows, particularly in USDT, is typically seen as a sign that investors are preparing to execute buy orders at current or lower price levels. This indicates growing confidence in the crypto market and a desire to take advantage of opportunities presented by the recent market upturn. This development comes as Bitcoin, the leading cryptocurrency, recently surpassed the $28,400 mark for the first time since mid-August. This bullish move has sparked optimism among investors who believe that “Uptober” has finally arrived. Furthermore, Bitcoin wallets holding 10-10K BTC have accumulated billions of dollars in the past month, which could potentially drive prices even higher.

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