Exchange Supply Dips as USDT Wallets Grow

Bitcoin’s value has maintained a steady rise above $37,000, recently crossing the $38,000 mark. This upward trend, as per CoinMarketCap, saw a 4.5% increase over the past week, with a significant 3.3% rise in just the last 24 hours.

This bullish momentum in Bitcoin’s value aligns with the strong confidence exhibited by its holders, despite the market’s volatility.

A key development, highlighted by Santiment, is the continued movement of Bitcoin’s Supply from exchanges to self-custody, indicating a growing preference for personal wallet storage over centralised exchanges (CEXes).

This shift not only marks an increase in buying pressure but also reflects a certain wariness towards the trustworthiness of CEXes.

Simultaneously, a surge in holdings within the 10 largest Tether (USDT) exchange wallets was observed, totalling an impressive $15.23 billion.

This accumulation signals the highest exchange buying power witnessed in 17 months. An increase in stablecoin supply, such as Tether, often correlates with heightened market buying capacity, suggesting the potential for further bullish activity on Bitcoin in the upcoming days.

Analysing data from CryptoQuant, AMBCrypto underscores the optimistic trend, noting a decline in BTC’s exchange reserve, indicative of a strong buying pressure.

The Binary CDD (Coin Days Destroyed) is predominantly green, signifying that long-term holders are less active in moving their Bitcoin, reflecting a tendency to hold onto their assets.

Moreover, Bitcoin’s Coinbase premium is also in the green, suggesting robust buying activity in the United States. However, investors might need to brace for some slow movement in Bitcoin’s price action before any significant volatility, as evidenced by the MACD’s ongoing struggle between bulls and bears.

The Money Flow Index (MFI) shows a slight decrease, moving towards neutrality, but the Relative Strength Index (RSI) remains in bullish territory, indicating ongoing positive sentiment among investors.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.