A new Bitcoin (BTC) account indicates that investors are still more interested in buying than selling for $ 10,000.

In a September 7 tweet, Ki Yong Joo, founder of network analytics resource CryptoQuant, spoke about his latest tool for tracking Bitcoin investor sentiment.

CryptoQuant: Bitcoin under ‘Strong Buyer Pressure’
Called the potential buy / sell press, this tool is called total BTC reserves on the exchange and splits it into fixed foreign exchange reserves.

This number gives a rough idea of ​​the willingness to work and is currently tilted to the upside.

“BTC remains under strong buying pressure. There are more stable currencies and less BTC on the exchanges compared to the beginning of this year,” Key wrote.

“I think we still have room for an uptrend in Bitcoin.”

The switch added a warning to the data – traders can use Stack Coins to buy cryptocurrencies other than BTC, and also hold Tether (USDT) to buy at lower rates later.

Boom stable currency and low bitcoin reserves
The environment on exchanges is determined by the most recent changes in Bitcoin’s price.

The total market cap of Tether, the largest stable currency, surpassed $ 14 billion, while other recent data also indicated that buyers wanted to use the stablecoin’s assets to grab BTC at lower prices.

This came in the form of the Glassnode Stable Coin Offer Ratio (SSR), which at the end of August was three times higher than it was in June 2019, when BTC / USD was trading at a similar price of $ 11,400.

At the same time, as Key confirms, BTC shares in the stock market continue to decline, reflecting investors’ constant desire to save rather than trade or use BTC.

Source: CoinTelegraph