How Bitcoin is impacted as USDT holdings increase
- The top 10 Tether wallets held tokens worth $15.23 billion at press time.
- Market indicators suggested that investors might expect a few slow-moving days.
Bitcoin [BTC] has displayed a steady increase in its value over the last few weeks as its value remained above the $37,000 mark. In fact, the price of the king coin recently went above $38,000.
If the latest data is to be considered, things can get even better in the coming days as the top players in the crypto market show trust in BTC.
Bitcoin remains bullish
CoinMarketCap’s data revealed that its price rallied by more than 4.5% over the last week. In the last 24 hours alone, BTC was up by over 3.3%. At the time of writing, it was trading at $38,225.01 with a market capitalization of over $747 billion.
As reported earlier by AMBCrypto, it was interesting to note that Bitcoin holders display unwavering confidence in the king coin despite market fluctuations. The coin was experiencing strong momentum, coinciding with substantial holder positions.
Amidst this, Santiment recently posted a tweet pointing out a noteworthy development. As per the tweet, BTC’s Supply on Exchanges has continued to move into self-custody.
Though this reflected a hike in buying pressure, it also hinted at a decline in trust in CEXes in the recent past.
While this happened, the 10 largest Tether [USDT] exchange wallets increased their holdings.
💸 #Bitcoin's supply on exchanges has continued moving into self custody, as exchange reputation continues to diminish. Meanwhile, the 10 largest #Tether exchange wallets hold $15.23B, pushing exchange buying power to its highest level in 17 months. 💪 https://t.co/AtjD9ve3YO pic.twitter.com/XJ0uuTiAZx
— Santiment (@santimentfeed) November 29, 2023
The tweet mentioned that the top 10 Tether wallets held $15.23 billion, pushing exchange buying power to its highest level in 17 months. Whenever stablecoin’s supply, including Tether, increases, it suggests that the market’s buying capacity is high.
Therefore, buyers can further exert buying pressure on BTC over the coming days, which could result in a continued bull rally over the coming weeks.
Is Bitcoin actually ready for a bull run?
AMBCrypto then had a look at CryptoQuant’s data to understand whether buying pressure on the coin was high. As per our analysis, BTC’s exchange reserve was dropping, which looked optimistic. Also, its Binary CDD was green.
This meant that long-term holders’ movements in the last seven days were lower than average, reflecting their will to hold their assets.
In fact, Bitcoin’s Coinbase premium was also green, suggesting that investors in the United States were buying the coin at large.
Read Bitcoin’s [BTC] Price Prediction 2023-24
However, upon closer inspection, AMBCrypto found that investors could expect a few slow-moving days before BTC’s price action turned volatile. Notably, the MACD displayed a tussle between the bulls and the bears.
At the same time, the Money Flow Index (MFI) registered a slight downtick and was headed towards the neutral mark. Nonetheless, the Relative Strength Index (RSI) remained bullish as it rose at press time.