The supply of Tether (USDT) on cryptocurrency exchanges has reached its highest level since March, according to data from crypto analytics platform Santiment. The amount of USDT currently sitting on exchanges is approximately $9.99 billion, marking a 40% increase since June 13, 2023.
This increase in USDT on exchanges suggests that traders may be preparing for fresh buying opportunities. Santiment also noted that the ten largest USDT holding wallets saw their assets grow from $7.30 billion to $9.42 billion within three months, indicating increased positions in the stablecoin.
The rise in USDT supply on exchanges indicates growing investor confidence and a willingness to take advantage of opportunities in the crypto market. Despite challenging market conditions, Tether has continued to maintain its position as the largest stablecoin, with a market share of around 66%.
Tether Supply Surges on Exchanges: A Sign of Crypto Market Readiness
It’s worth noting that Tether (USDT) is often used by traders to move funds in and out of the cryptocurrency market quickly, making it a crucial tool in the crypto trading ecosystem.
Please be aware that the information provided here is for informational purposes and should not be considered financial advice. Always conduct your research and consult with a financial advisor before making any investment decisions.