Top stablecoin USDT has flowed onto crypto exchanges in the past six months, a potentially bullish indicator, according to the crypto analytics firm Santiment.
The firm notes that Bitcoin (BTC) has been moving back “mildly” onto exchanges this month due to trader uncertainty.
Santiment, however, says that USDT exchange inflows have also countered the BTC sell-off. There’s now nearly 7% more of the Tether-issued stablecoin on exchanges than six months ago, representing new buying power that’s a “great sign for bulls,” according to the analytics firm.
Nearly 26% of USDT’s total supply now sits on exchanges.
Santiment also says that more crypto traders started predicting market tops and publicizing bearish projections after digital asset prices dropped over the weekend. The firm, however, notes that “markets move the direction the crowd least expects.”
Santiment notes that altcoins have been recovering quickly from the weekend’s price drops, particularly Ethereum (ETH) challenger Solana (SOL). The firm does caution though that SOL’s positive social sentiment may need to cool down before the asset can make a serious run to the upside.
SOL is trading at $67.34 at time of writing. The sixth-ranked crypto asset by market cap is up nearly 11% in the past seven days.
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