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Bitcoin (BTC) has quickly recovered to nearly $60,000 after a debacle last week that saw prices drop below $50,000 at one point.
The recovery may have legs, as the "exchange stablecoins ratio," which measures the number of BTC held in wallets tied to centralized exchanges relative to stablecoins, suggests reduced selling pressure.
The ratio has dropped to its lowest since February 2023, extending a prolonged downtrend that began in June last year, according to data tracked by blockchain analytics firm CryptoQuant.
"This could indicate reduced selling pressure on bitcoin as fewer traders are converting their BTC into stablecoins," CryptoQuant told CoinDesk in a Telegram chat.
"Additionally, this could suggest a bullish market sentiment, where traders seem to be holding BTC in anticipation of future price increases," CryptoQuant added.