Connect with us
Active Currencies 15846
Market Cap $3,665,197,776,888.90
Bitcoin Share 51.89%
24h Market Cap Change $0.31

Assessing Tether’s [USDT] health as whales and sharks take a bullish stance

2min Read
Assessing Tether's [USDT] health as whales and sharks take a bullish stance

Share this article

  • USDT recently witnessed increased activities from sharks and whales.
  • Tether inflow to exchanges also saw a bump. 

Since an 11 January report revealed Tether’s [USDT] plans to delist from the Canadian market, the stablecoin has become the subject of Fear, Uncertainty, and Doubt (FUD). Tether, however, continued to attract interest from sharks and whales despite the latest update until press time. 


Is your portfolio green? Check out the USDT Profit Calculator


Tether: Sharks and Whales at play

Sharks and whales have increased their accumulation activities, according to a chart by Santiment. The figure pointed out that there have been an increasing number of addresses holding 100,000 USDT or more in recent weeks.

At the time of writing, almost 21,000 addresses held 100,000 USDT or more. This number was 1% away from setting a new all-time high (ATH) at the present level.

Tether (USDT) accumulation

Source: Santiment

The chart also revealed that at press time, over 35% of the total USDT supply was available on exchanges. According to data from CoinMarketCap, the stablecoin’s current total circulating supply was above $66 billion, and the market cap was in the same ballpark.

USDT is the largest stablecoin globally, and USDT was the third-largest cryptocurrency at the time of writing. 


Realistic or not, here’s USDT’s market cap in BTC’s terms


Exchange Inflow gathers steam

Moving on, CryptoQuant’s exchange inflow indicator showed that USDT was experiencing significant inflows at press time. The influx was already over $500 million during this period and was continuing to grow. As of 11 January, the total exchange inflow on the chart was more than $1 billion.

Tether (USDT) inflow

Source: CryptoQuant

Finally, the above charts could be representative of the fact that whales and sharks must be on a practice run for the crypto market’s upcoming bull run. As accumulation continues, the number of addresses holding 100k or more USDT may eventually reach an ATH.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.