With Bitcoin there is „intense pressure to buy,“ as CryptoQuant says. $ 10,000 still attractive to buyers.
A new Bitcoin ( BTC ) metric says that at $ 10,000, investors are still more interested in buying than selling.
In a tweet on September 7th, Ki Young Ju, the founder of the on-chain analytics website CryptoQuant, unveiled his latest tool for monitoring Bitcoin Superstar investor sentiment.
CryptoQuant: There is „intense pressure to buy“ with Bitcoin
The tool is called „Potential BUY / SELL pressure“ and divides the entire BTC reserves of the exchanges by the stablecoin reserves.
The result gives a rough idea of how much traders tend to buy Bitcoin. The indicator is currently bullish.
„There is still intense buying pressure at BTC. The exchanges hold more stablecoins and less BTC than at the beginning of this year,“ Ki tweeted. .
„I think there is still room for an uptrend in BTC.“
Ki commented on the dates. Exchange traders could use stablecoins to buy cryptocurrencies other than BTC or hold tether ( USDT ) to later buy at lower rates.
Stablecoin boom and falling BTC reserves
On the stock exchanges, there was a change in the wake of the recent price development of Bitcoin.
Tether, the largest stablecoin, has a total market cap of $ 14 billion. Additional data also suggests that buyers want to use stablecoins to buy BTC at lower prices.
Glassnode’s stablecoin supply ratio was three times higher in late August than it was in June 2019, when the BTC / USD pair was also at $ 11,400.
At the same time, according to Ki, the BTC reserves of the exchanges continue to decrease. That suggests that investors hold BTC and don’t want to trade or spend.