New Bitcoin-stablecoin metric reveals ‘intense’ purchase pressure– expert

A new Bitcoin (BTC) metric says that investors are still much more interested in buying than selling at $10,000.

In a tweet on Sep. 7, Ki Young Ju, founder of on-chain analytics resource CryptoQuant, unveiled his latest tool for tracking Bitcoin investor sentiment.

CryptoQuant: Bitcoin has “intense buy pressure”

Dubbed “Potential BUY/ SELL Pressure,” the tool takes exchanges’ total BTC reserves and divides them by stablecoin reserves.

The resulting number provides a rough impression of trader appetite, and it is currently skewed to the bullish side.

“BTC still has intense buy pressure. Exchanges are holding more stablecoins and fewer BTC compared to the beginning of this year,” Ki tweeted. 

“I think we still have room for BTC bullish trend.”

Ki added one proviso to the data — that exchange traders could use stablecoins to purchase cryptocurrencies other than BTC as well as hold Tether (USDT) to buy at lower prices later.

Bitcoin potential buy/ sell pressure chart

Bitcoin potential buy/ sell pressure chart. Source: CryptoQuant/ Twitter

Stablecoin boom and falling BTC reserves

The environment on exchanges is decidedly in a state of flux with Bitcoin’s latest price action. 

Tether, the largest stablecoin, has passed a total market cap of $14 billion, while other recent data also suggested that buyers were looking to use stablecoin assets to snap up BTC at lower prices.

That came in the form of Glassnode’s stablecoin supply ratio (SSR), which recorded a level three times stronger in late August than in June 2019, when BTC/USD traded at an identical price point — $11,400. 

At the same time, as Ki confirms, exchanges’ BTC reserves continue to decrease, evidence of a continued desire among investors to save, not trade or spend BTC.

Get Started with a CryptoCurrency Wallet

Fund your cryptoCurrency wallet with Coinbase and Receive $10 Bitcoin when signing up Coinbase here —->
BTC credited free after purchasing $100 in cryptocurrency.


Did you miss our previous article…

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post

KardiaChain CTO on bringing the entire Vietnamese population onto the blockchain, crypto predictions and moreKardiaChain CTO on bringing the entire Vietnamese population onto the blockchain, crypto predictions and more

CryptoSlate recently had the opportunity to chat with Huy Nguyen, CTO and Co-Founder of interoperable blockchain, KardiaChain. Before founding KardiaChain, Huy spent 10 years working at Google, building large-scale distributed


15 gadgets that will sell out fast