The cryptocurrency market received a boost in the past couple of days due to fake news of spot Bitcoin ETF approval. However, several major crypto tokens including Bitcoin have maintained a positive momentum. As a result, analysts have noticed a sharp increase in USDT accumulation by the largest Tether wallets.
Quick Take:
- Tether notices a sharp increase in its transaction volume amid fake spot Bitcoin ETF approval news.
- Top 10 Tether holding wallets continue to accumulate more USDT.
- Indicators suggest an increase in the price of BTC with the increasing trading volume of USDT.
With an unexpected surge in the crypto market, several investors and traders have shown interest in different crypto assets. Bitcoin has reclaimed the $28K mark and has successfully gained over 5% in the past week or so.
The commendable performance is reflected by the largest stablecoin in the market as well. Tether has noticed a sharp increase in its transaction volume. It has reached a two-month high with this surge. Statistics show that its transaction volume went from $12 billion to $47 billion within a day.
An on-chain data provider, Santiment has shown that the top 10 wallets of Tether hold a total of 25% of the total USDT in circulation. These wallets showed signs of massive accumulation over the last day or so. This figure is the highest since March.
Moreover, $5.55 billion is held by wallets in USDT. The on-chain transaction volume has also crossed $5.6 billion which is the highest since August this year. Tether has also noticed an increase in active addresses. It has now recorded a three-month high figure for active addresses. In the meanwhile, Bitcoin whales have also looked quite active.
Positive Signs for the Broader Crypto Market
The large accumulation of USDT is a positive indicator for the crypto market. It hints towards the buying capacity of investors in the market. An expert stated that every inflow of $2 billion in USDT has reflected a 4% increase in the price of Bitcoin. If proven true, this could result in a massive rise in the price of Bitcoin.
Moreover, recent events have shown the importance of the approval of spot Bitcoin ETFs. The actual approval of these will have a massive impact on the market, potentially leading to a 20%-30% rise. On the other hand, analysts are quite optimistic about the approval of spot Bitcoin ETFs.
Bitcoin Rises, Tether Celebrates Birthday
At the time of writing, Bitcoin is priced around the $28,400 mark. It has a market cap of over $554M. The global crypto market cap stands at $1.09 Trillion. Plus, the Fear and Greed index of the market indicates a Neutral mood.
The month of October is referred to as Uptober due to its bullish history. It is also the birthday month of the first stablecoin, Tether (USDT). This year the stablecoin is celebrating its 9th anniversary. With recent positive developments, the birthday month seems to bring more positive news for Tether.
