Bitcoin traders are ready to buy as Tether supply hits $ 9 billion on the exchanges

Popular data aggregator Santiment tweeted that traders’ purchasing power on the exchanges has soared to a six-month high due to the growing USDT concentration, suggesting they may get a head amassing bitcoins.

Are traders ready to buy crypto?

According to the analysis team at Santiment, the concentration of tether stablecoins on centralized crypto exchanges has reached a half-year high. That’s 22.5%, or $ 8.99 billion when converted to fiat.

Analysts at Santiment believe that this accumulation of many stablecoins is a sign that the purchasing power of traders is increasing.

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Miner’s BTC outflow is about to hit a new low

According to data from analytics firm Glassnode, the amount of Bitcoin sent to exchanges by miners has decreased. The Miner-to-Exchange Flow Index (seven-day MA) has hit a five-year low totaling 2,655 BTC.

In addition, the Miner Outflow Multiple (seven-day MA) is about to hit a four-month low of 0.772.

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Bitcoin whales are buying up

More data from Santiment recently revealed that major BTC holders known as whales were adding more of the top cryptocurrencies to their holdings.

According to the analysis agency, the number of whale addresses that store between 100 and 1,000 bitcoins has risen from just 2.5 months to 193 wallets.

The Santiment team believes this is a good sign that could indicate impending growth in Bitcoin price. So far, the top cryptocurrency has risen 153.9 percent since the start of the year.