Almost half a billion Tether (USDT) was transferred to major Bitcoin (BTC) exchanges on April 8, according to Glassnode data.
The highest amount of Tether deposits on exchanges since mid-March coincided with Bitcoin’s price drop. So buyers may have stepped in.
Is a new rally starting?
There are two major on-chain indicators showing that Bitcoin is preparing for a bigger rally: BTC exits from exchanges and stablecoin inflows.
When investors want to buy cryptocurrency, they invest stablecoin on exchanges.
Withdrawing large amounts of BTC from exchanges usually means that high-income investors transfer their Bitcoins to their own wallets for long-term purposes.
It has been found that more than $ 476 million of stablecoins have been invested in exchanges in just one hour in the past 24 hours. According to Moskovski Capital Chief Investment Officer Lex Moskovski, this shows that investors stepped in to buy Bitcoin at the bottom price.
Moskovski, the symptom is:
“To buy at the bottom price, 476 million USDT was transferred to the exchanges within an hour. Every time the BTC price bottom, the standby buyers are catching up.”