The Bitcoin Exchange Stablecoin Index Falls to 12-Month Low
In a recent development, the Bitcoin exchange stablecoin index has fallen to a 12-month low, marking its longest period of bullish sentiment. According to data from CryptoQuant, the index is currently at 0.00009749, a 15% decrease since the beginning of the year.
The Bitcoin Exchange Stablecoin Ratio is used to track potential buying pressure in the coin market by comparing the amount of BTC held on all cryptocurrency exchanges with the total amount of stablecoins held on them. A low ratio indicates an increase in buying pressure, while a high ratio suggests selling pressure.
CryptoQuant analyst CryptoOnchain noted that despite new resistance at $70,000, the selling pressure is at its lowest level since March 2023. This has led to speculation of a possible rally while approaching the Bitcoin halving.
Meanwhile, another CryptoQuant analyst, Crypto Sunmoon, pointed out that Bitcoin is currently experiencing its longest period of bullish sentiment in the history of the Bitcoin futures market. Any significant drop in BTC price may present a buying opportunity.
In the short term, the bullish sentiment is expected to continue as BTC futures open interest has seen an uptrend, reaching $39.03 billion. The leading crypto asset is currently trading at $70,446, with a 7% price increase in the last week according to CoinMarketCap’s data.
As the Bitcoin market continues to evolve, analysts are closely monitoring these trends to anticipate future movements in the coin’s value. Stay tuned for more updates on the cryptocurrency market.