In a surprising turn of events, approximately 4% of Tether’s available supply has returned to exchanges within just five weeks.
This movement contrasts with the ongoing trend of Ethereum and Bitcoin supplies moving off exchanges following the adoption of the ETF.
📊 As #Bitcoin's & #Ethereum's respective supplies have continued moving off exchanges after the #ETF approvals, an interesting development has been #Tether seeing nearly 4% of its available supply come back to exchanges in 5 weeks. The increase in buying power implies
(Cont) 👇 pic.twitter.com/hQrBhZchEu
— Santiment (@santimentfeed) January 30, 2024
The influx of Tether onto exchanges signals an increase in buying power, hinting at the potential continuation of the mid-term bull cycle that commenced in October.
With only 79 days remaining before the anticipated April 18th halving of Bitcoin, this development adds intrigue to the market dynamics.
For the first time in almost 10 months, nearly 30% of available USDT has found its way back onto exchanges, a shift that coincides with Bitcoin trading below $25,000.
Consequently, Bitcoin and Ethereum have experienced significant movement of supplies into self-custody and staking arrangements, mitigating the risk of potential sell-offs.
The #TetherTreasury minted 1B $USDT again an hour ago!
The #TetherTreasury has minted a total of 13B $USDT on #Ethereum and #Tron since Oct 20, 2023!https://t.co/2wFo2DEvz3 pic.twitter.com/YtISvX01JZ
— Lookonchain (@lookonchain) January 29, 2024
Tether Treasury Issued 13 Billion USDT
Moreover, the Tether Treasury’s recent minting of 1 billion USDT further underscores the evolving landscape.
Since October 20, 2023, the Tether Treasury has issued a total of 13 billion USDT on the Ethereum and Tron blockchains, contributing to the liquidity and dynamics of the cryptocurrency market.
The resurgence of Tether on exchanges has sparked speculation among investors and analysts alike, with many closely monitoring the implications for market sentiment and price movements.
As the cryptocurrency ecosystem continues to evolve, the interplay between stablecoins, exchanges, and market dynamics remains a focal point for traders and observers navigating the ever-changing landscape of digital assets.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: irklig/123RF // Image Effects by Colorcinch
