A recent report from the blockchain intelligence firm Santiment highlights changes in the exchange supplies of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). According to the report, the exchange supplies of both Bitcoin and Ethereum have continued to decrease, suggesting that traders are holding these assets for the medium to long term.
Meanwhile, the exchange supply of Tether (USDT), the largest stablecoin by market cap, has been increasing during the same period. This rise in USDT’s supply on exchanges indicates that investors and traders are preparing to purchase more cryptocurrencies, which could potentially lead to price increases in the market.
Santiment also noted that 24.1% of USDT’s supply is currently on exchange platforms, the highest level since March of the same year. In contrast, 5.9% of BTC’s supply and 8.5% of ETH’s supply are on exchange platforms.
Bitcoin and Ethereum Exchange Supplies Decline
From a price perspective, Ethereum outperformed Bitcoin over the past 24 hours, with a 0.35% price increase, bringing ETH’s price to $1,639.42. Bitcoin, on the other hand, experienced a 0.27% loss, lowering its price to $26,554.89.
From a technical standpoint, both Bitcoin and Ethereum broke out of falling wedge patterns on their daily charts, indicating potential bullish momentum. However, BTC could face resistance at $28,200, while ETH may target $1,775 if it manages to flip $1,690 into support.
Conversely, a correction within the falling wedge patterns could see BTC dropping below $26,000 and ETH falling below $1,580, potentially leading to further declines.
As always, readers are advised to conduct their own research and due diligence before making any investment decisions, as cryptocurrency markets are known for their volatility and unpredictability.