USDT On-Chain Activity Surges, Says Santiment
The crypto analytics firm Santiment reports a significant increase in on-chain activity for the stablecoin USDT. USDT, which is issued by Tether and aims to maintain a 1:1 peg with the US dollar, has recently reached a three-month high in active addresses. This surge is largely due to an increase in exchange deposits. Santiment also notes that the amount of USDT on exchanges has reached a level last seen in March 2023, giving more buying power to crypto investors.
Accumulation by Large USDT Wallets
In addition to increased on-chain activity, Santiment observes that large wallets holding between $1-10 million worth of USDT are accumulating the stablecoin. This accumulation is seen as an indication of interest in future purchases.
Ethereum’s Top Non-Exchange Addresses
Santiment also comments on Ethereum (ETH), noting that ETH’s top-10 non-exchange addresses continue to acquire the second-largest crypto asset by market cap. These addresses now hold a record-breaking 39.22 million ETH, valued at over $61.2 billion.
Hot Take: USDT Demand and Ethereum Accumulation
The surge in on-chain activity for USDT indicates increasing demand and interest from investors. The rise in exchange deposits and accumulation by large wallets suggest growing confidence in the stability and utility of the stablecoin. Similarly, Ethereum’s top non-exchange addresses acquiring a record amount of ETH showcases strong belief in the long-term potential of the cryptocurrency. These trends reflect the continued growth and adoption of stablecoins and major cryptocurrencies like Ethereum.
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