Traders could be prepping to buy as USDT activity hits a 6-month high
Bitget Academy2025/03/13 06:53
By:Bitget Academy
Onchain activity for Tether has hit a sixth-month high, possibly indicating traders are gearing up to jump back into the market, according to analysts. Data shared by the blockchain data platform Santiment in a March 12 X
post shows Tether’s on-chain activity has been on the rise, peaking with over 143,000 wallets making transfers on March 11, the highest in six months. “When USDT other stablecoin activity spikes during price drops, traders are preparing to buy. Added buy pressure aids in crypto prices recovering,” Santiment said.
It comes as Bitcoin dropped to a four-month low of $76,700 on March 11, as the wider crypto market shed even more of the gains made post-US election amid macroeconomic uncertainty and an escalating tariff war. Vincent Liu, chief investment officer at Kronos Research, said traders often accumulate Tether during dips to position themselves for buying opportunities, adding buy pressure that can help crypto prices recover.
He speculates the uptick in USDT wallet activity likely reflects traders capitalizing on recent market volatility.“Possible causes include broader economic uncertainties, crypto-specific events like regulatory developments or post-election sentiment shifts, and Tether’s role as a stable haven, making it an ideal holding for investors preparing to deploy capital strategically,” Liu said.
Liu says the surge in USDT activity is a bullish indicator, suggesting significant buying power on the sidelines, but the crypto market’s recovery will likely depend on factors like macroeconomic conditions, regulatory clarity, investor confidence and the March 18 Federal Open Market Committee (FOMC) meeting.
Source:
CoinTelegraph
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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