USDT volume on exchanges up 20% in 3 months
USDT volume on exchange up 20% in 3 months the high percentage of Tether on exchanges is a sign of 2-year high buying power in the market.
According to the Sentiment report, the ratio of Tether on exchange has gone from 19.7% on May 9th to a whopping 42.0% three months later. This can be viewed as both a signal that traders have taken profits as prices have rebounded
The ratio of #Tether on exchanges has gone from 19.7% on May 9th to a whopping 42.0% three months later. This can be viewed as both a signal that traders have taken profits as prices have rebounded, as well as a sign of a 2-year high in buying power. https://t.co/Xmscnu5NOb pic.twitter.com/UFuYAkrWlO— Santiment (@santimentfeed) August 10, 2022
The live Tether price today is $1.00 USD with a 24-hour trading volume of $44,616,481,998 USD. Tether is up 0.01% in the last 24 hours. The current CoinMarketCap ranking is #3, with a live market cap of $66,532,591,106 USD. It has a circulating supply of 66,517,962,690 USDT coins
Source : CoinMarketCap
The market intelligence platform tweeted that the ratio went from 19.7% on May 9 to 42% as of August 10. it is the first time USDT supply on the exchange will increase to over 42% since April 2020.
This is a sign of 2-year high buying and also shows that traders have taken profits as the crypto markets rebounded.
USDT supply declined as investors redeemed the token during the thick of the bear market. The Stablecoin issuer revealed it redeemed as much as $14 billion within two weeks.
Secondly, Tether resumed minting on July 29 and has added a few billion to its market cap since Many in the crypto community consider an increase in the Stablecoin supply to be a bullish signal.
Binance CEO Changpeng Zhao expressed in a tweet that 3 of the top 10 cryptocurrencies are stablecoin means there is a lot of fiat sitting sidelines ready to get back in. if people wanted to get out of crypto most won't hold stablecoin.
3 of the top 10 are stable coins, meaning there is a lot of "fiat" sitting sidelines, ready to get back in.— CZ Binance (@cz_binance) July 31, 2022
If people wanted to get out of crypto, most won't hold stablecoins. https://t.co/QONyq1894U
Over $40 billion of Stablecoin dry powder is waiting on the crypto market's sidelines.
IMO this is the most compelling chart in crypto when large amounts of stablecoins are on the sideline relative to crypto's market cap market participants have to chase the rally higher when there's a lot of stables deployed but no one left to buy market runs out of new buyers.
IMO this is the most compelling chart in crypto:— Will Clemente (@WClementeIII) July 19, 2022
When large amounts of stablecoins are on the sideline relative to crypto's mkt cap, market participants have to chase the rally higher. When there's a lot of stables deployed but no one left to buy, market runs out of new buyers. pic.twitter.com/PUhVx6Gakw
The volume of a stablecoin in circulation declines the demand and crypto assets rises.