USDT recently witnessed increased shark and whale activity.
The influx of Tether to exchanges also saw a bump.
Since a Jan. 11 report revealed Tether’s [USDT] plans to delist from the Canadian market, the stablecoin has become the subject of Fear, Uncertainty and Doubt (FUD). However, Tether continued to generate interest in sharks and whales despite the latest update as of this writing.
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Tether: sharks and whales in play
Sharks and whales have increased their accumulation activities, according to a chart from Santiment. The figure pointed out that there has been an increasing number of addresses with 100,000 USDT or more in recent weeks.
At the time of writing, nearly 21,000 addresses had 100,000 USDT or more. This number was 1% away from setting a new all-time high (ATH) at its current level.
Source: Sentiment
The chart also revealed that at the time of writing, more than 35% of the total USDT supply was available on exchanges. According to data from CoinMarketCap, the stablecoin’s current total circulating supply has exceeded $66 billion and its market cap has been in the same ballpark.
USDT is the largest stablecoin worldwide and USDT was the third largest cryptocurrency at the time of writing.
Realistic or not, here is USDT’s market cap in terms of BTC
Exchange Inflow is picking up steam
Moving on, CryptoQuant’s inflows indicator showed that USDT was experiencing significant inflows at the time of writing. Inflows have already exceeded $500 million during this period and continue to grow. On January 11, total exchange rate inflows on the chart exceeded $1 billion.
Source: CryptoQuant
Finally, the charts above could be representative of the fact that whales and sharks need to practice for the coming bull runs in the crypto market. As the accumulation continues, the number of addresses with 100,000 or more USDT may eventually reach an ATH.
This post Review Tether [USDT] health while whales and sharks adopt an optimistic attitude
was published first on https://ambcrypto.com/assessing-tethers-usdt-health-as-whales-and-sharks-take-a-bullish-stance/
