Ethereum

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 <p>Blockchain analytics platform Santiment says that huge amounts of stablecoin Tether (USDT) are returning to crypto exchanges, which is often a bullish signal.</p>
 <p>The analytics platform says that the amount of USDT on exchanges has reached a level last seen in March 2023, giving a boost to the “buying power” of crypto investors.</p>
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 <p><em>“The $9.99 billion worth of Tether sitting on exchanges is the highest level of buying power for crypto’s top stablecoin in approximately seven months. Since June 13th, these exchanges have seen a 40% increase in available USDT.”</em></p>
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F8BE6X1bYAEreh5?format=jpg&amp;name=medium" alt="Image" width="1199" height="761">
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   Source: Santiment/X
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 <p>Looking at the firm’s chart, USDT had a peak high of $16.96 billion on exchanges in August 2022, which declined to a low of $7.12 billion in June 2023, a more than 58% decrease.</p>
 <p>The firm also says that Ethereum (ETH) appears setting the stage for a big move on the upside as bearish sentiment rises.</p>
 <p><em>“Ethereum has dropped to $1,570, and crypto’s number two market cap asset has become an increasingly polarizing topic. Currently at its lowest fee levels of 2023, traders are growing impatient. Rising bearish sentiment is a good sign of an impending turnaround.”</em></p>
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="css-9pa8cd" draggable="true" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F8AwOQfagAAwSx0?format=jpg&amp;name=4096x4096" alt="Image" width="2734" height="1717">
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   Source: Santiment/X
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 <p>According to Santiment, Ethereum’s social dominance indicator, a measure of discussions in crypto media that refer to the asset, is also flashing bullishness with ETH discussions on platforms increasing to a level last seen in February 2023.</p>
 <p>Ethereum is trading for $1,578 at time of writing, down 0.9% in the last 24 hours.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/9-990-000-000-in-tether-usdt-sitting-on-crypto-exchanges-at-highest-level-in-seven-months-santiment-tbt65989.html">https://thebittimes.com/9-990-000-000-in-tether-usdt-sitting-on-crypto-exchanges-at-highest-level-in-seven-months-santiment-tbt65989.html</a></p>

$9,990,000,000 in Tether (USDT) Sitting on Crypto Exchanges, at Highest Level in Seven Months: Santiment

TheBitTimes

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