A very important piece of data that signals growth.
Let's pay attention to this information.
Data from CryptoQuant shows that the number of bitcoins on exchanges continues to fall. This metric is considered a bullish sign, as it shows less selling pressure from investors.
Another piece of data that contributes to this optimistic analysis is the amount of USDT, the largest stablecoin on the market, in these brokers.
Unlike Bitcoin, USDT reserves are at their peak, reaching the $22 billion mark. In other words, an indication that investors are ready to buy BTC and other cryptocurrencies at any time.
Cryptocurrency exchanges analyzed by CryptoQuant had 3 million bitcoins in their reserves in January 2024. By the end of August, the number was just 2.6 million BTC.
This represents an outflow of 368 thousand bitcoins, valued at R$131 billion.
“As reserves continue to rise, this indicates increased selling pressure and generally shows an opposite trend in price,” CryptoQuant wrote about the counter movement that is happening and that it is a sign that investors are not willing to sell their coins.
On the other hand, another piece of data shows that the number of USDT, the largest stablecoin on the market, continues to rise in brokerage wallets. This would be the perfect scenario for the start of a major rally.
“Declining Bitcoin reserves and rising stablecoin reserves indicate a bullish outlook for Bitcoin,” said CryptoQuant analyst Tarek. “As market supply tightens and purchasing power increases, we could be on the verge of a price surge.”
The time is now....
High of all currencies appearing on the horizon.
Let's be quick.
A big hug to everyone who is following me.
I hope my posts help at least one person.