Traders could be prepping to buy as USDT activity hits 6-month high
13 Marzo 2025 - 4:36AM
Cointelegraph
Onchain activity for Tether has hit a sixth-month high, possibly
indicating traders are gearing up to jump back into the market,
according to analysts.
Data shared by the blockchain data platform Santiment in a March
12 X post shows Tether’s
(USDT) onchain activity has been
on the rise, peaking with over 143,000
wallets making transfers on March 11, the highest in six
months.
“When USDT & other stablecoin activity spikes during price
drops, traders are preparing to buy. Added buy pressure aids in
crypto prices recovering,” Santiment said.
Onchain activity for Tethers USDT has spiked, reaching a
sixth-month high. Source: Santiment
It comes as Bitcoin (BTC) dropped to a
four-month low of
$76,700 on March 11, as the wider crypto market
shed even more of
the gains made post-US election amid macroeconomic uncertainty
and an escalating tariff war.
Speaking to Cointelegraph, Vincent Liu, chief investment officer
at Kronos Research, said traders often accumulate Tether during
dips to position themselves for buying opportunities, adding buy
pressure that can help crypto prices recover.
He speculates the uptick in USDT wallet activity likely reflects
traders capitalizing on
recent market volatility.
“Possible causes include broader economic uncertainties,
crypto-specific events like regulatory developments or
post-election sentiment shifts, and Tether’s role as a stable
haven, making it an ideal holding for investors preparing to deploy
capital strategically,” Liu said.
Related:
Bitcoin, crypto ‘dip buy hype’ is now at its highest
level in 7 months
Liu says the surge in USDT activity is a bullish indicator,
suggesting significant buying power on the sidelines, but the
crypto
market’s recovery will likely depend on factors like
macroeconomic conditions, regulatory clarity, and investor
confidence.
“However, with the inflation rate easing to 2.8% in February,
lower than expected in recent CPI data, this could reduce pressure
on crypto prices and signal a more favorable environment,” he
said.
“Additionally, the upcoming Federal Open Market Committee (FOMC)
on March 18th may provide further indications on interest rates and
monetary policy, potentially influencing market development and
recovery,” Liu added.
A key Bitcoin and crypto sentiment tracker, the Crypto Fear
& Greed Index, hit its lowest
score in over two years on Feb. 26 as it slipped deeper into
“Extreme Fear,” reaching a score of 10.
Crypto sentiment has staged a recovery since, but the index has
still registered a score of 45
on March 13, still in fear territory.
Tether CEO Paolo Ardoino touring the
US
Meanwhile, Tether CEO Paolo Ardoino is currently on a tour of
the US as
lawmakers move to regulate the sector.
During a March 12 speech at the Cantor Fitzgerald Global
Technology Conference, he said
that as it stands, around 37% of USDT users are using it as a
savings account to store value.
“They don’t have bank accounts. The only thing that they have in
their life is usually cash,” Ardoino said.
“Now they finally can hold the most used and most important
stable currency in the world, that is the US dollar, but they keep
it in their smartphones as their savings account.”
At the same time, Ardoino said, Tether is acting as one of the
“last strongholds for the US dollar” amid growing concerns that the
US dollar could lose dominance as the world’s reserve currency and
a go-to for international transactions and commodity trades.
The stablecoin issuer has also been working to curb bad actors in
the space, collaborating on more than 170 law enforcement
operations and freezing $2.5 billion in illicit funds, according to
Ardoino.
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...
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USDT activity hits 6-month high
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Traders could be prepping to buy as USDT activity
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