Home›Crypto›Market Structure›Bitcoin sell pressure seen nearing exhaustion after $4…

Bitcoin sell pressure seen nearing exhaustion after $4B USDT drop

CryptoQuant data cited by Cointelegraph says about $870 million of USDT supply disappeared over an 11-day period, with the 60-day USDT market-cap change averaging minus $4.9 billion as of Aug. 10.

Reported · Written up by our desk · Market Structure

Cointelegraph reports that CryptoQuant’s Bitcoin analysis points to sell pressure being closer to exhaustion after Tether’s USDT market capitalization fell by $4 billion over two months.

The outlet says CryptoQuant cited nearly $870 million of USDT supply disappearing over the latest 11-day period, and showed the 30-day simple moving average of the 60-day USDT market-cap change at minus $4.88 billion as of Aug. 10.

Cointelegraph adds that CryptoQuant compared the latest contraction with prior bear-market patterns, noting that the steepest 60-day USDT contraction phase ended on July 13 at minus $5.72 billion.

The analysis also said stablecoins are a key liquidity source, and that when liquidity evaporates there is less “dry powder” available, though it cautioned that correlations between USDT flows and BTC price do not prove strict causality.

Latest closeBitcoin $64,308.99 ▲0.6%

More like this

Sources