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.
Related: Bitcoin, crypto ‘dip buy hype’ is now at its highest level in 7 monthsSwyftx lead analyst Pav Hundal told Cointelegraph that a lot of leading market metrics, like M2, are trending to the upside, but he doesn’t expect a major bounce until the political economy loses its volatility.“Inflation metrics this week out of China and the US are helpful — but as long as this trade war kicks on, we should expect the market to lack conviction,” he said.“A lot of investors have stopped reacting to the news cycle and they’re just parking cash in Tether.
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.
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Author / Journalist: Cointelegraph by Stephen Katte
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