Latest analytical data shows trader purchasing power accumulating on stock exchanges, hitting new high
Popular data aggregator Santiment has tweeted that the buying power of traders on exchanges has surged to a six-month high thanks to a rising USDT concentration, suggesting they may start accumulating Bitcoin.
Are traders ready to buy the crypto dip?
According to Santiment’s analysis team, the concentration of Tether Stables on centralized crypto trading platforms has reached a mid-year high. That’s 22.5%, or $ 8.99 billion if converted to fiat.
This high accumulation of stablecoins on exchanges is indicative of traders’ buying power rising, analysts from Santiment believe.
Miners’ BTC outflows face a new low
According to data shared by analytics firm Glassnode, the amount of Bitcoin sent by miners to exchanges has fallen sharply. The Miners to Exchange Flow Index (seven-day MA) hit its lowest level in five years, totaling 2,655 BTC.
Beyond that, Miner Outflow Multiple (seven-day MA) is facing a four-month low of 0.772.
Bitcoin whales buy
More data from Santiment recently showed that large BTC holders known as whales have added more of the flagship cryptocurrency to their holdings.
According to figures shared by the analytics agency, the number of whale addresses that store from 100 to 1,000 Bitcoins has soared by 193 wallets compared to only 2.5 months ago.
The Santiment team thinks this is a good sign that could show the future growth in the price of Bitcoin. So far, the major cryptocurrency has jumped 153.9% year-to-date.
