Tether Whales Accumulating USDT
You may be interested to know that the largest Tether (USDT) whales have been growing their holdings over the past six months, adding in $1.67 billion worth of the stablecoin, in an accumulation trend that suggests they’re getting ready to buy cryptocurrencies on the market and potentially helped BTC’s price surpass $40,000.
Tether Whales Buying Power Growing
Santiment has reported that the buying power of the largest Tether whales has grown by 9.7% over the past six months as they added $1.67 billion worth of USDT to their wallets. If history is to repeat itself, BTC’s price could be pushed higher, as in the past while USDT holdings dropped as BTC’s price rose while they were using the stablecoin to buy crypto.
Stablecoin Movement on Exchanges
Prior analysis from Santiment noted that between mid-August and mid-October, 3.54% of the total supply of Tether’s USDT and 0.72% of the supply of Circle’s USDC moved to cryptocurrency exchanges ahead of a market-wide rally.
Major Financial Powerhouses Interested in Bitcoin
You should know that major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.
Expected Spot Bitcoin ETF Launch in the United States
Major Tether whales are seemingly getting ready to buy ahead of an unexpected spot Bitcoin ETF launch in the United States, which would allow investors to gain exposure to the cryptocurrency without owning private keys and bring in additional demand for it.
Hot Take
In conclusion, it’s noteworthy that major Tether whales have been accumulating USDT, suggesting an increase in buying power ahead of potential cryptocurrency purchases. This trend coincides with the increasing interest of major financial institutions in Bitcoin and the possibility of a spot Bitcoin ETF launch in the United States.
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