Cryptocurrency market indicators show that the amount of Tether (USDT) currently on exchanges is at the highest levels seen since March of this year.
according to tweet Powered by cryptocurrency analytics platform Santiment, exchanges have seen a 40% increase in available USDT since June 13, 2023.
USDT supply on exchanges reaches seven-month levels
The market intelligence firm said the $9.99 billion worth of USDT currently trading on exchanges is the highest level of purchasing power for a stablecoin in seven months. This indicates that the trader’s purchasing power has risen again. On the other hand, approximately $30 billion of USDT resides outside exchanges.
Worth $9.99 billion #pregnancy Sitting on stock exchanges is the highest level of purchasing power #encryption‘Stop #Stablecoin In about seven months. Since June 13, these exchanges have seen their availability increase by 40% $USDT. https://t.co/nx5Pbb1Oud pic.twitter.com/G9pINqzcg4
— Santiment (@santimentfeed) October 9, 2023
There has been a notable increase in the presence of USDT on exchanges recently, suggesting that investors may be preparing for new buying opportunities. Earlier this month, Santiment revealed that the amount of the stablecoin on exchanges rose from 17.6% to 24.7% within four months.
Santiment also revealed that the top ten wallets holding USDT saw their assets rise from $7.30 billion to $9.42 billion within three months, suggesting that some investor groups are increasing their positions in the stablecoin.
CryptoPotato She stated that these developments indicate that market players are preparing to execute purchase orders at current or lower price levels. As stablecoins available for trading on exchanges rise, investor confidence and the desire to take advantage of the opportunities presented by current market conditions also rise. Overall, the development shows increasing interest from investors intent on entering or re-entering the cryptocurrency market.
USDT reaches new milestones
Despite unfavorable market conditions, USDT has achieved new milestones and seen significant developments recently. Less than three months ago, the stablecoin’s market capitalization reached a new all-time high of $83.76 billion.
Over time, the digital asset has managed to maintain its position as the largest stablecoin, dominating with a market share of around 66%. USDT is also present on several blockchains, including Ethereum, Tron, Solana, and Algorand, although its issuing company, Tether, removed support for three networks — Omni, SLP, and Kusama — in May.
Meanwhile, Tether last month said it had resumed lending USDT to customers.
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