USDT exchange outflow exceeded $1 billion yesterday
According to data, more than $1 billion of Tether stablecoin USDT was withdrawn from cryptocurrency exchanges yesterday, which is the largest single-day withdrawal since May. Analysts pointed out that the current price trend "feels very similar to Bitcoin's trend last year," when Bitcoin consolidated for two months after a sharp drop in August. IntoTheBlock analysts said: "Historically, Bitcoin began to decline shortly after USDT withdrawals exceeded $1 billion, indicating that investors may be taking a risk-averse stance and transferring funds to safer environments such as cold wallets to cope with market volatility."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hammack: Current monetary policy faces a challenging period
U.S. stocks opened lower and continued to decline, with the Nasdaq falling over 2%
LD Capital founder Jack Yi: Remains optimistic about future market trends and buying strategies