Bullish for Bitcoin? $568 million worth of Tether on the market in a short time

In a short time, a lot of Tether (USDT) has appeared on the stock exchanges. In just one week, $568 million worth of USDT has entered the bitcoin market. Is this bullish for the price?

A lot of Tether in a short time

The seven-day average change in USDT balances reached $568 million, which is the highest change in the past year. This metric has been increasing since February, so there is more and more USDT available on the exchanges. That is normally a bullish signal on the market, because the stablecoin can be used to use bitcoin and crypto.

On the other hand, it could mean that investors will sell the stablecoin. Given the current market fluctuations, it is likely that traders will hold on to their USDT. They are waiting for the next movement of the bitcoin price.

Over the past week, the bitcoin market has recovered, with the price bouncing back to $65,000 after falling below $60,000. There has also been a slight increase in BTC balances on exchanges, indicating an increase in selling activity, with an average daily increase of over 6,000 BTC.

For Ethereum (ETH), despite a recent decline in balance changes, the overall trend remains positive. The balance is still increasing daily by more than 40,000 ETH. This indicates that investors are holding their ether on exchanges.