The ratio of Tether (USDT) on exchanges is up 20% in the last three months, according to Santiment data.
? Santykis #Teteris 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) Rugpjūtis 10, 2022
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 exchanges will increase to over 42% since April 2020.
According to Santiment, this is a sign of 2-year high buying power and also shows that traders have taken profits as the crypto markets rebounded.
In the last three months, USDT’s supply declined as investors redeemed the token during the thick of the bear market. The stablecoin issuer atskleidė it redeemed as much as $14 billion within two weeks.
Meanwhile, 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.
? ? ? ? ? ? ? ? ? ? 1,000,000,000 XNUMX XNUMX #USDT (1,001,883,610 XNUMX XNUMX XNUMX USD), nukaldintas Tether Treasuryhttps://t.co/J7058h3uuw
- Banginių perspėjimas (@whale_alert) Rugpjūtis 3, 2022
Binance CEO Changpeng Zhao said in a neseniai tweet that “3 of the top 10 (cryptocurrencies) are stablecoins, meaning there is a lot of “fiat” sitting on the sidelines, ready to get back in. If people wanted to get out of crypto, most wouldn’t hold stablecoins.”
3 iš 10 geriausių yra stabilios monetos, o tai reiškia, kad nuošalyje yra daug „fiat“ sėdinčių, pasiruošusių sugrįžti.
Jei žmonės norėtų išeiti iš kriptovaliutų, dauguma nelaikys stabilių monetų. https://t.co/QONyq1894U
- CZ? Binance (@cz_binance) Liepa 31, 2022
„CryptoSlate“ tyrimas revealed that over $40 billion of stablecoin “dry powder” is waiting on the crypto market’s sidelines.
However, Blockware analyst Will Clemente holds a different opinion. In his view, there should be fewer stablecoins in the market as the oversupply and absence of buyers could cause the crypto market to decrease.
TJO tai yra pati patraukliausia kriptovaliutų diagrama:
Kai dideli stabilių monetų kiekiai yra nuošalyje, palyginti su kriptovaliutų mkt viršutine riba, rinkos dalyviai turi vytis ralį aukščiau. Kai dislokuota daug arklidžių, bet nebelieka nieko pirkti, rinka pritrūksta naujų pirkėjų. pic.twitter.com/PUhVx6Gakw
- Will Clemente (@WClementeIII) Liepa 19, 2022
He believes that if the volume of a stablecoin in circulation declines, the demand for crypto assets rises.
While there might be slightly different opinions on what the high supply of stablecoins might mean for the crypto market, Ethereum (ETH) users will at least have nothing to worry about post-Merge.
The two largest stablecoin issuers have patvirtino they will only support Ethereum PoS after the merge to avoid disruption to the community.
Source: https://cryptoslate.com/usdt-volume-on-exchanges-up-20-in-3-months/