BTC and ETH Reserves on Exchanges Decline While USDT Reserves Increase! Is a Bullish Rally Approaching?

  • Bitcoin and Ethereum prices continued to exhibit relatively low volatility on Tuesday, September 15th. BTC’s price experienced a drop to as low as $26,244 during the day.
  • The decline in supply on exchanges suggests that investors are moving their BTC and ETH assets from centralized exchanges to self-custody methods or self-storage.
  • According to data obtained by COINOTAG from Santiment on September 15th, Bitcoin’s development activity reached its highest level since August 9th, with a score of 14.60.

While Bitcoin and Ethereum continue to see a decrease in supply on exchanges, the supply of USDT (Tether) is on the rise. Development activity in BTC and ETH has picked up in mid-September!

Decrease in BTC and ETH Supply on Exchanges

Bitcoin-Ethereum

 

Bitcoin and Ethereum prices continued to exhibit relatively low volatility on Tuesday, September 15th. BTC’s price experienced a drop to as low as $26,244, while Ethereum dropped to $1,611. The cryptocurrency market has remained resilient following concerning economic data in the United States and will face the Federal Reserve’s interest rate decision next week.

In addition to all this, the supply of Bitcoin and Ethereum on exchanges continued to decrease. The decline in supply on exchanges suggests that investors are moving their BTC and ETH assets from centralized exchanges to self-custody methods or self-storage. The latest update was shared by Santiment. Santiment made a post stating that the decrease in BTC and ETH supply on exchanges is ongoing.

bitcoin-ethereum-usdt-supply

 

Furthermore, the USDT (Tether) reserves on exchanges have increased by 24.1%. This level is the highest seen since March. Such an increase indicates that investors are inclined to accumulate or hold stablecoins and are prepared for a potential rally. The decrease in BTC and ETH supply also supports this theory.

The increase in reserves of stablecoins on exchanges is a metric that shows investors are waiting to make purchases. Additionally, the decrease in BTC reserves on exchanges is viewed positively because it means less BTC is available on exchanges, reducing selling pressure.

Bitcoin’s Development Activities on the Rise!

In addition to these developments, progress on the Bitcoin network is noteworthy. According to data obtained by COINOTAG from Santiment on September 15th, Bitcoin’s development activity reached its highest level since August 9th, with a score of 14.60.

bitcoin-development-activity

The increase in development activity in Bitcoin reflects positive sentiment on the network. Bitcoin’s development activities had sharply declined after August 9th and remained low for a month. The resurgence of these development activities in mid-September, during the otherwise infamous month of September, reflects increased interest in the network.

Ethereum has also seen a similar upward trend in development activities, much like Bitcoin. Development activities on Ethereum began to decline after July and remained at low levels for about two months. Ethereum’s development activities resumed on September 12th and reached the highest level since July 25th, with a score of 41.02.

ethereum-development-activity

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Michigan State Retirement Fund Invests $10 Million in Grayscale Ethereum Trust, Securing Major Stake

The Michigan State Retirement Fund has strategically positioned itself...

Grayscale Proposes Listing for Grayscale Digital Large Cap Fund (GDLC) as ETP with Bitcoin Dominating Holdings

On November 4, COINOTAG News reported that Grayscale has...

Fragmetric Completes Builder Round Financing to Enhance Solana Ecosystem Security and Liquidity

On November 4th, COINOTAG News reported that Fragmetric, a...

Vitalik Buterin Warns Against Exclusion of Russian Developers in Open Source Community

On November 4th, Vitalik Buterin, co-founder of Ethereum, took...

Bitcoin Volatility Soars Amid U.S. Election Impact on Crypto Markets

Bitcoin Volatility Surges as U.S. Election Heightens Stakes for...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img