Crypto News– Significant USDT collection in Tether wallets: In the wake of the recent Bitcoin price volatility caused by unfounded rumors regarding a potential spot Bitcoin ETF approval, it’s evident that Bitcoin (BTC) remains impressively resilient when contrasted with the broader cryptocurrency market. As of the latest update, the BTC price has surged by 1.9%, breaking through the $28,700 mark.
Significant USDT Collection in Tether Wallets: Are You Expecting a Bitcoin Price Increase?
Notably, the Bitcoin price appears poised for further upward momentum, particularly in light of the substantial accumulation of Tether (USDT) within the top Tether wallets. According to data sourced from on-chain analytics provider Santiment, the top 10 Tether wallets collectively account for a noteworthy 25% of the total USDT supply. These largest Tether wallets experienced significant surges in accumulation, a trend that coincided with the recent activities in the cryptocurrency market.
Remarkably, the top 10 largest wallets now collectively hold a substantial quarter of the entire USDT supply. Furthermore, Santiment highlights that the on-chain transaction volume of this leading stablecoin has reached a two-month peak. This data suggests a growing interest and activity in Tether, which may have positive implications for Bitcoin’s trajectory in the near future.
The Potential Impact of USDT Accumulation on Fueling a Bitcoin and Cryptocurrency Rally
The recent upswing in USDT accumulation bodes well for the Bitcoin and cryptocurrency markets, signaling increased investor purchasing power. Notably, prominent cryptocurrency analyst Crypto Researcher has observed a historical pattern where each $2 billion in USDT inflows has translated to a 4% boost in Bitcoin’s price.
In this context, if the ETF market experiences an injection of $16 billion, it’s conceivable that Bitcoin’s price could potentially surpass the $37,500 threshold. The crypto analyst illustrated this possibility with an example where Bitcoin surged by 10%, even in the absence of an official statement from the SEC, driven solely by unconfirmed news. In such a scenario, the actual approval of a Bitcoin ETF could conceivably have an even more substantial impact, with a potential rally of 20-30% appearing as a reasonable expectation. This would correlate with an influx of $16-24 billion into Bitcoin ETFs.
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