Tether Whales Accumulate $1.67 bn in USDT
Over the past six months, the largest Tether (USDT) whales have increased their holdings of the stablecoin by 9.7%, adding $1.67 billion worth to their wallets. This accumulation trend suggests they are ready to buy cryptocurrencies and potentially helped BTC’s price surpass $40,000.
The buying power of these whales could be pushed higher if history is to repeat itself, as in the past, USDT holdings dropped as BTC’s price rose while they were using the stablecoin to buy crypto. Between August and October, 3.54% of Tether’s USDT and 0.72% of Circle’s USDC moved to cryptocurrency exchanges, leading to a market-wide rally that lasted until mid-November. Bitcoin’s supply on exchanges is also decreasing, suggesting demand could surge while supply is slowly decreasing.
(With inputs from Shikha Singh)
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