While Bitcoin and Ethereum continue to see a decrease in supply on exchanges, the supply of USDT (Tether) is on the rise. Development activity in BTC and ETH has picked up in mid-September!
Decrease in BTC and ETH Supply on Exchanges
Bitcoin and Ethereum prices continued to exhibit relatively low volatility on Tuesday, September 15th. BTC’s price experienced a drop to as low as $26,244, while Ethereum dropped to $1,611. The cryptocurrency market has remained resilient following concerning economic data in the United States and will face the Federal Reserve’s interest rate decision next week.
Furthermore, the USDT (Tether) reserves on exchanges have increased by 24.1%. This level is the highest seen since March. Such an increase indicates that investors are inclined to accumulate or hold stablecoins and are prepared for a potential rally. The decrease in BTC and ETH supply also supports this theory.
The increase in reserves of stablecoins on exchanges is a metric that shows investors are waiting to make purchases. Additionally, the decrease in BTC reserves on exchanges is viewed positively because it means less BTC is available on exchanges, reducing selling pressure.
Bitcoin’s Development Activities on the Rise!
In addition to these developments, progress on the Bitcoin network is noteworthy. According to data obtained by COINOTAG from Santiment on September 15th, Bitcoin’s development activity reached its highest level since August 9th, with a score of 14.60.
The increase in development activity in Bitcoin reflects positive sentiment on the network. Bitcoin’s development activities had sharply declined after August 9th and remained low for a month. The resurgence of these development activities in mid-September, during the otherwise infamous month of September, reflects increased interest in the network.
Ethereum has also seen a similar upward trend in development activities, much like Bitcoin. Development activities on Ethereum began to decline after July and remained at low levels for about two months. Ethereum’s development activities resumed on September 12th and reached the highest level since July 25th, with a score of 41.02.