{"id":562675,"date":"2023-11-28T00:00:51","date_gmt":"2023-11-28T00:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=562675"},"modified":"2024-06-11T08:02:06","modified_gmt":"2024-06-11T08:02:06","slug":"santiment-trigger-bitcoin-rally-signal-reignite","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/santiment-trigger-bitcoin-rally-signal-reignite\/","title":{"rendered":"Santiment Reveals Trigger Behind Bitcoin Rally: Will This Signal Reignite?"},"content":{"rendered":"

The on-chain analytics firm Santiment has explained how Tether (USD) and USD Coin (USDC) exchange inflows preceded the recent Bitcoin rally.<\/p>\n

Bitcoin Rally May Restart If Stablecoins See Further Exchange Deposits<\/h2>\n

In a new post<\/a> on X, Santiment discussed the trend in the supply of exchanges of various assets in the cryptocurrency sector. The “supply on exchanges<\/a>” is an indicator that keeps track of the percentage of the total circulating supply of the given coin currently sitting in the wallets of all centralized exchanges.<\/p>\n

Related Reading: Analyst Sets $47,000 Target For Bitcoin If This Happens<\/a><\/div>\n

The below chart shows the trend in this indicator for Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), Tether (USDT), and USD Coin (USDC) over the past few months.<\/p>\n

\"Bitcoin<\/p>\n

The data for the exchange supply of the different coins | Source: Santiment on X<\/a><\/pre>\n
Depending on what type of asset it is, the significance of the supply on exchanges can differ. In the case of volatile assets like Bitcoin, the supply being stored on these platforms may be considered the available selling supply of the asset, as one of the main reasons investors may deposit their coins to the exchanges is for selling.<\/p>\n
Thus, when this indicator trends up for these cryptocurrencies, it’s a potential sign that selling pressure in the sector is going up. The graph shows that Polygon<\/a> has seen 0.7% of its supply move to exchanges in the past month, which could be a bearish sign for its price.<\/p>\n
On the other hand, Bitcoin has observed withdrawals equivalent to 0.33% of its supply during the same period. Such a decline in the indicator can suggest that investors may participate in accumulation, as they are taking their coins off towards self-custodial wallets.<\/p>\n
As for the stablecoins<\/a>, an increase in the supply on exchanges also suggests that investors wish to swap these tokens. This selling of stables, though, actually provides a buying boost to the volatile side of the market, as the investors may use these assets to shift into Bitcoin and others.<\/p>\n
As the chart shows, both Tether and USD Coin saw the exchange supply rise between August and October. More specifically, USDT and USDC observed 3.54% and 0.72% of their supplies moving into these platforms, respectively. “These transfers were the predecessor to the crypto-wide rally from late October to mid-November,” explains Santiment.<\/p>\n
Related Reading: Bitcoin Spot ETF Will Bring $70 Billion In New Money To Trigger Price Rally \u2013 Glassnode<\/a><\/div>\n
In the past month, however, 3.1% of the Tether supply has left these platforms, while the USD Coin has observed the metric move sideways. This would suggest that buying pressure has stopped rising, and the opposite may occur.<\/p>\n
“After a cooldown, USDT & USDC returning to exchanges will be crucial to seeing market caps continuing to increase for a big final 5 weeks of 2023,” notes the analytics firm.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has registered some drawdown today as the asset’s price has now slipped under the $36,800 mark.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the asset has been going down recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
The on-chain analytics firm Santiment has explained how Tether (USD) and USD Coin (USDC) exchange inflows preceded the recent Bitcoin rally. Bitcoin Rally May Restart If Stablecoins See Further Exchange Deposits In a new post on X, Santiment discussed the trend in the supply of exchanges of various assets in the cryptocurrency sector. The “supply on exchanges” is an indicator that keeps track of the percentage of the total circulating supply of the given coin currently sitting in the wallets of all centralized exchanges. Related Reading: Analyst Sets $47,000 Target For Bitcoin If This Happens The below chart shows the trend in this indicator for Bitcoin (BTC), Ethereum (ETH), Chainlink (LINK), Polygon (MATIC), Tether (USDT), and USD Coin (USDC) over the past few months. The data for the exchange supply of the different coins | Source: Santiment on X Depending on what type of asset it is, the significance of the supply on exchanges can differ. In the case of volatile assets like Bitcoin, the supply being stored on these platforms may be considered the available selling supply of the asset, as one of the main reasons investors may deposit their coins to the exchanges is for selling. Thus, when this indicator trends up for these cryptocurrencies, it’s a potential sign that selling pressure in the sector is going up. The graph shows that Polygon has seen 0.7% of its supply move to exchanges in the past month, which could be a bearish sign for its price. On the other hand, Bitcoin has observed withdrawals equivalent to 0.33% of its supply during the same period. Such a decline in the indicator can suggest that investors may participate in accumulation, as they are taking their coins off towards self-custodial wallets. As for the stablecoins, an increase in the supply on exchanges also suggests that investors wish to swap these tokens. This selling of stables, though, actually provides a buying boost to the volatile side of the market, as the investors may use these assets to shift into Bitcoin and others. As the chart shows, both Tether and USD Coin saw the exchange supply rise between August and October. More specifically, USDT and USDC observed 3.54% and 0.72% of their supplies moving into these platforms, respectively. “These transfers were the predecessor to the crypto-wide rally from late October to mid-November,” explains Santiment. Related Reading: Bitcoin Spot ETF Will Bring $70 Billion In New Money To Trigger Price Rally \u2013 Glassnode In the past month, however, 3.1% of the Tether supply has left these platforms, while the USD Coin has observed the metric move sideways. This would suggest that buying pressure has stopped rising, and the opposite may occur. “After a cooldown, USDT & USDC returning to exchanges will be crucial to seeing market caps continuing to increase for a big final 5 weeks of 2023,” notes the analytics firm. BTC Price Bitcoin has registered some drawdown today as the asset’s price has now slipped under the $36,800 mark. Looks like the asset has been going down recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":562684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6481,1119,1144,57231,11164,4100,10263],"class_list":["post-562675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-rally","tag-btc","tag-btcusd","tag-santiment","tag-stablecoin","tag-tether","tag-usdt"],"acf":[],"yoast_head":"\nSantiment Reveals Trigger Behind Bitcoin Rally: Will This Signal Reignite?<\/title>\n<meta name=\"description\" content=\"The on-chain analytics firm Santiment has explained how Tether (USD) and USD Coin (USDC) exchange inflows 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Santiment Reveals Trigger Behind Bitcoin Rally: Will This Signal Reignite?","url":"http:\/\/wncen.com\/news\/santiment-trigger-bitcoin-rally-signal-reignite\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/santiment-trigger-bitcoin-rally-signal-reignite\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/kanchanara-4KJJezDyo3M-unsplash-4.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/kanchanara-4KJJezDyo3M-unsplash-4.jpg?fit=1500%2C1000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin rally","btc","btcusd","santiment","stablecoin","tether","usdt"],"dateCreated":"2023-11-28T00:00:51Z","datePublished":"2023-11-28T00:00:51Z","dateModified":"2024-06-11T08:02:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Santiment Reveals Trigger Behind Bitcoin Rally: Will This Signal Reignite?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/santiment-trigger-bitcoin-rally-signal-reignite\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/santiment-trigger-bitcoin-rally-signal-reignite\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-4KJJezDyo3M-unsplash-4.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-4KJJezDyo3M-unsplash-4.jpg?fit=1500%2C1000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin rally\",\"btc\",\"btcusd\",\"santiment\",\"stablecoin\",\"tether\",\"usdt\"],\"dateCreated\":\"2023-11-28T00:00:51Z\",\"datePublished\":\"2023-11-28T00:00:51Z\",\"dateModified\":\"2024-06-11T08:02:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/kanchanara-4KJJezDyo3M-unsplash-4.jpg?fit=1500%2C1000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562675"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=562675"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/562684"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=562675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=562675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=562675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}