Based on data from Santiment, a crypto analytics firm, a significant amount of USDT, the top stablecoin, has been moved back onto crypto exchanges.
USDT movement signals future buy interest
This is a positive indicator for the market, as 24.1% of USDT’s total supply is on exchanges, the highest level since March
. Interestingly, Bitcoin and Ethereum’s supply on exchanges has decreased, suggesting that traders are comfortable holding onto these two top crypto assets.
Santiment refers to these trends as a “golden combination” that indicates future buy interest.
Additionally, Bitcoin has seen its highest level of unique address activity since April, with an average of 1.1 million BTC addresses sending and receiving the asset per day.
Traders seem to be capitalizing on the recent Bitcoin surge by selling their BTC holdings for a small profit, as reported by Santiment.
Furthermore, Santiment is closely monitoring the situation regarding defunct crypto exchange FTX, as it may begin liquidating its substantial crypto holdings.
The analytics firm observed that Ethereum and Binance Coin (BNB) tokens, which had been inactive, suddenly moved this week following news of FTX’s possible liquidation.
Santiment questioned whether the sudden movement coincides with the FTX sell-offs and liquidations that started this week, as the average age of the tokens in wallets decreased significantly after a period of stagnation.
Tether in the news
In recent news, a lawsuit filed by Matthew Anderson and Shawn Dolifka against Tether and Bitfinex has been dismissed by the Southern District of New York court.
The lawsuit alleged that Tether’s stablecoin USDT was not backed one-to-one with US dollars, despite Tether’s claims.
Tether has stated that Chief Judge Laura Taylor Swain has declared the lawsuit lacks plausible allegations of injury, as there is no evidence that USDT had a diminished actual value.
The fact that the entire class action complaint was dismissed at an early stage indicates that the plaintiffs’ claims lacked legal merit.
