“Cryptocurrency market insights firm Santiment published analysis showing that the percentage of USDT held on exchanges is inversely related to Bitcoin’s price. In a May 4 tweet, the firm noted that the recent correction probably is not a trend inversion in Bitcoin’s movement:
“’In spite of the minor $BTC correction over the weekend, prices are beginning to rebound close to $9,000 again. According to our metrics, one thing that is still trending in the right direction is the percent of $USDT on exchanges. As this chart clearly indicates, there is an inverse correlation between Bitcoin’s price and USDT’s supply on exchanges.’