{"id":132263,"date":"2020-12-22T00:00:20","date_gmt":"2020-12-21T18:30:20","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=132263"},"modified":"2020-12-21T12:43:21","modified_gmt":"2020-12-21T07:13:21","slug":"what-the-drop-in-tethers-supply-means-for-bitcoins-price","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/what-the-drop-in-tethers-supply-means-for-bitcoins-price\/","title":{"rendered":"What the drop in Tether&#8217;s supply means for Bitcoin&#8217;s price"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Tether\u2019s market capitalization has mushroomed from $2 billion in February 2019 to $20 billion, at the time of writing. What went behind this 10x growth varies across a host of factors, namely, the increase in OI and trade volume in <a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin<\/a> and the rise of DeFi. <\/span><span style=\"font-weight: 400;\">It is a story within which several other stories are nestled, and nearly all of the market&#8217;s top-30 cryptocurrencies <\/span>feature in it.<\/p>\n<p>Though Tether\u2019s supply mechanism makes it hard to differentiate between USD or any other fiat currency and Tether, its impact on <a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin\u2019s<\/a> price is profound. Back in September 2020, when <a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin&#8217;s<\/a> reserves were dwindling, it was the same way for Tether. Tether reserves on exchanges dropped and a supply shortage emerged.<\/p>\n<figure id=\"attachment_132264\" aria-describedby=\"caption-attachment-132264\" style=\"width: 296px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2020\/12\/USDTReserves.png\"><img decoding=\"async\" class=\"wp-image-132264 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2020\/12\/USDTReserves.png\" alt=\"What the drop in Tether's supply means for Bitcoin's price\" width=\"296\" height=\"300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2020\/12\/USDTReserves.png 296w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2020\/12\/USDTReserves-80x80.png 80w\" sizes=\"(max-width: 296px) 100vw, 296px\" \/><\/a><figcaption id=\"caption-attachment-132264\" class=\"wp-caption-text\">USDT reserves on exchanges || Source: <a href=\"https:\/\/cryptoquant.com\/overview\/stablecoin-exchange-flows\">Cryptoquant<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In fact, Tether reserves dropped several times in 2020, with the most significant drop back in November 2020 when Bitcoin\u2019s price rallied towards its new ATH and found price discovery beyond $19,000. A drop in Tether reserves has traditionally been linked to Bitcoin whales and traders pulling funds out of exchanges, thus easing the selling pressure on Bitcoin and making room for vertical growth in price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is a fairly popular narrative. However, at this critical juncture where Bitcoin\u2019s price is at previously unseen levels (Above $23,000), will Tether\u2019s supply to exchanges have the same impact as it had before?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is no evidence of a direct relationship between Tether\u2019s supply and Bitcoin\u2019s price. However, increasing demand from institutional investors has led to an increase in Bitcoin\u2019s price volatility. Increasing volatility and demand fuels further issuance of Tether, and this can go both ways. It is not entirely certain that a drop in Tether\u2019s supply builds a bullish case for Bitcoin since the drop in supply in the past has also corresponded with slumps in Bitcoin\u2019s price action. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The percentage supply of the vehicle for moving around Bitcoin hit a 4-month low on 20 December 2020. At the current price level, the dwindling supply of the most widely-used stablecoin being moved off exchanges explains the increase in Bitcoin\u2019s price.<\/span><\/p>\n<figure id=\"attachment_132265\" aria-describedby=\"caption-attachment-132265\" style=\"width: 679px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2020\/12\/EprFl2zUYAAy6KF.jpeg\"><img decoding=\"async\" class=\"wp-image-132265 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2020\/12\/EprFl2zUYAAy6KF.jpeg\" alt=\"What the drop in Tether's supply means for Bitcoin's price\" width=\"679\" height=\"379\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2020\/12\/EprFl2zUYAAy6KF.jpeg 679w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2020\/12\/EprFl2zUYAAy6KF-300x167.jpeg 300w\" sizes=\"(max-width: 679px) 100vw, 679px\" \/><\/a><figcaption id=\"caption-attachment-132265\" class=\"wp-caption-text\">% supply of Tether hit a 4-month low || Source: <a href=\"https:\/\/app.santiment.net\/studio\/usdt-coin-supply-vs.-btc-price-1543?settings=%7B%22slug%22%3A%22bitcoin%22%2C%22projectId%22%3A%221538%22%2C%22ticker%22%3A%22BTC%22%2C%22title%22%3A%22Bitcoin%20(BTC)%22%2C%22interval%22%3A%224h%22%2C%22from%22%3A%222020-06-20T07%3A00%3A00.000Z%22%2C%22to%22%3A%222020-12-21T07%3A59%3A59.999Z%22%2C%22timeRange%22%3A%226m%22%2C%22name%22%3A%22Bitcoin%22%7D&amp;widgets=%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22metrics%22%3A%5B%22price_usd%22%2C%22_tether_MC_USDT_MC_percent_of_total_supply_on_exchanges%22%5D%2C%22connectedWidgets%22%3A%5B%5D%2C%22colors%22%3A%7B%22price_usd%22%3A%22%2326C953%22%2C%22_tether_MC_USDT_MC_percent_of_total_supply_on_exchanges%22%3A%22%23F47BF7%22%7D%2C%22settings%22%3A%7B%22_tether_MC_USDT_MC_percent_of_total_supply_on_exchanges%22%3A%7B%22node%22%3A%22area%22%7D%2C%22price_usd%22%3A%7B%7D%7D%2C%22indicators%22%3A%7B%7D%2C%22drawings%22%3A%5B%5D%7D%5D&amp;utm_source=twitter&amp;utm_medium=post&amp;utm_campaign=twitter_usdt_4_month_low_on_exchanges_brian_122020\">Santiment<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Another metric, Bitcoin\u2019s net unrealized profits, have hit a high and this signals an increase in selling pressure on Bitcoin. It should be noted, however, that Tether&#8217;s dropping supply does build a partially bullish case for Bitcoin&#8217;s price. The drop in supply may aid price discovery beyond the current price level, unless Bitcoin OI or exchange trade volumes signal a drop.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tether\u2019s market capitalization has mushroomed from $2 billion in February 2019 to $20 billion, at the time of writing. What went behind this 10x growth varies across a host of factors, namely, the increase in OI and trade volume in Bitcoin and the rise of DeFi. It is a story within which several other stories<a href=\"https:\/\/ambcrypto.com\/what-the-drop-in-tethers-supply-means-for-bitcoins-price\/\">Continue reading <span class=\"sr-only\">&#8220;What the drop in Tether&#8217;s supply means for Bitcoin&#8217;s price&#8221;<\/span><\/a><\/p>\n","protected":false},"author":35,"featured_media":132266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,35,360,66,3,4,20],"tags":[],"class_list":["post-132263","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What the drop in Tether&#039;s supply means for Bitcoin&#039;s price - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Though Tether\u2019s supply mechanism makes it hard to differentiate between USD or any other fiat currency and Tether, its impact on Bitcoin\u2019s..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ambcrypto.com\/what-the-drop-in-tethers-supply-means-for-bitcoins-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the drop in Tether&#039;s supply means for Bitcoin&#039;s price - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Tether\u2019s market capitalization has mushroomed from $2 billion in February 2019 to $20 billion, at the time of writing. 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