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Sell pressure significantly decreases in the cryptocurrency market such as Ethereum and XRP = Cryptoquant analysis
According to the market analysis of Cryptoquant released on the 21st, the inflow to major cryptocurrency exchanges has significantly decreased, indicating a decline in sell wall pressure. At the same time, the exchange reserves of the stablecoin USDT have reached a record high of $46.9 billion, revealing an improvement in market liquidity. (Below is the content of the analysis report)
The daily exchange inflow of Ethereum (ETH) fell to about 1 million ETH, a significant drop of about 70% from 3.2 million ETH last November. The number of individual deposits has also plummeted from a peak of 135,000 in early April to 15,000 today. These indicators suggest that investors' willingness to sell ETH is now significantly diminished.
Additionally, the inflow of XRP into exchanges has shown a significant decrease in sell wall pressure following the settlement between Ripple and the SEC. The daily inflow has dropped from 4 billion XRP in late March to currently 46 million XRP. The number of deposits has decreased by 99.5%, from 2.1 million in December to currently 9,000, reflecting an improvement in investor sentiment.
Furthermore, despite Bitcoin (BTC), the top cryptocurrency by market capitalization, trading near its all-time high (as of the 22nd, it has updated its ATH), selling pressure has been suppressed. The daily inflow to exchanges is approximately 22,000 BTC, which has significantly decreased from 121,000 BTC in November when it surpassed $100,000. Additionally, the number of individual deposits has dropped from 98,000 in November to the current 29,000, confirming that investor selling activity remains limited even in the high price range.
On the other hand, the inflow of USDT to exchanges has continued to expand, and the total USDT reserves of exchanges have reached an all-time high of $46.9 billion. An increase in stablecoin balances indicates an increase in market liquidity, which is usually a factor supporting the rise in the overall market capitalization of the cryptocurrency.