In a notable turn of events, Tether’s (USDT) presence on cryptocurrency exchanges has witnessed a significant surge, sparking optimism among investors who are eyeing fresh buying opportunities.
Cryptocurrency market indicators indicate that the quantity of Tether (USDT) currently held on exchanges has reached levels not seen since March of this year. A tweet from the crypto analytics platform Santiment confirms this, revealing a substantial 40% increase in the available USDT since June 13, 2023.
This resurgence of USDT on exchanges is indeed striking. According to the market intelligence firm, there is currently approximately $9.99 billion worth of USDT on these platforms, marking the highest level of buying power for this stablecoin in seven months. This surge underscores the renewed strength of trader buying power. Simultaneously, about $30 billion worth of USDT remains outside exchanges.
💸 The $9.99B worth of #Tether sitting on exchanges is the highest level of buying power for #crypto's top #stablecoin in approximately seven months. Since June 13th, these exchanges have seen a 40% increase in available $USDT. https://t.co/nx5Pbb1Oud pic.twitter.com/G9pINqzcg4
— Santiment (@santimentfeed) October 9, 2023
What’s particularly intriguing is that this trend is not an isolated occurrence. Earlier this month, Santiment disclosed that the percentage of this stablecoin on exchanges had risen from 17.6% to 24.7% within a mere four months. Additionally, the platform revealed that the ten largest USDT-holding wallets have witnessed their assets surge from $7.30 billion to an impressive $9.42 billion in just three months, indicating that specific investor groups are significantly increasing their positions in the stablecoin.
Reports from CryptoPotato shed further light on these developments, suggesting that these signs reflect the preparation of market players to execute buy orders at the current price levels or potentially even lower. As the supply of USDT available for trading on exchanges continues to rise, it bolsters investor confidence and ignites their eagerness to seize opportunities presented by the current market conditions. In sum, these developments underscore a growing interest among investors who are determined to either enter or re-enter the dynamic world of cryptocurrency.
Despite challenging market conditions, USDT has remarkably achieved new milestones and experienced significant developments recently. Less than three months ago, the market capitalization of this stablecoin reached a record-breaking high of $83.76 billion.
Over time, this digital asset has consistently maintained its position as the largest stablecoin, asserting its dominance with a market share of approximately 66%. USDT has also established a presence on several blockchains, including Ethereum, Tron, Solana, and Algorand. It’s worth noting that Tether, the issuing company, made the decision to withdraw support for three networks—Omni, SLP, and Kusama—in May.
Additionally, Tether announced last month that it has resumed lending out USDT to customers, further demonstrating its resilience and adaptability in the face of challenging market dynamics.