USDT exchange outflow exceeded $1 billion yesterday
According to data, more than $1 billion of Tether stablecoin USDT was withdrawn from cryptocurrency exchanges yesterday, which is the largest single-day withdrawal since May. Analysts pointed out that the current price trend "feels very similar to Bitcoin's trend last year," when Bitcoin consolidated for two months after a sharp drop in August. IntoTheBlock analysts said: "Historically, Bitcoin began to decline shortly after USDT withdrawals exceeded $1 billion, indicating that investors may be taking a risk-averse stance and transferring funds to safer environments such as cold wallets to cope with market volatility."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bank of Japan Policy Board Member Masu says a decision on a rate hike is "close"
Michael Saylor refutes MSCI exclusion risk: Index classification does not define us
Tensor Foundation is the developer of Vector.fun, which was acquired by an exchange today.
Mainstream Perp DEX protocol revenues rise: Hyperliquid tops the list with $4.24 million in 24-hour revenue
Trending news
MoreCrypto prices
More
