USDT daily active addresses hit 6-month high; traders position for potential buys.
USDT daily active addresses hit a six-month high yesterday with over 143,000 wallets making transfers, according to Santiment.
This uptick in USDT activity typically precedes a rise in crypto buys, suggesting traders are preparing for potential price increases.
USDT Transfer Surges Signal Market Readiness for Buys
Santiment reported a significant increase in USDT transfers, reaching a six-month peak in active addresses. Stablecoin activity often rises during price dips, signaling traders may begin purchasing assets. The data indicates heightened trader interest as more wallets engage in transfers.
“🚨 #Tether’s on-chain activity has been rapidly rising, with over 143,000 wallets making $USDT-related transfers yesterday, a 6-month high. When $USDT & other #stablecoin activity rises during price dips, it’s generally a sign that traders are getting ready to buy. This increased buying power helps prices recover.” — Santiment, Cryptocurrency Analytics Firm
Increased Activity Could Spur Cryptocurrency Price Recovery
USDT’s heightened activity could lead to market recovery as buying power increases. More traders are positioning themselves to purchase, potentially stabilizing or increasing prices. Current market trends reveal increased trading volume, adding to a growing intrigue in cryptocurrency investment. Market experts note that such patterns typically suggest a forthcoming bullish period.
Historical Patterns Imply Potential Price Increases
In previous instances, high USDT activity has coincided with increases in Bitcoin and Ethereum prices. These trends imply potential gains following recent activity. Industry leaders, including Binance’s CEO and BitMEX’s co-founder, acknowledge the shift as a potential market-buying opportunity. Their views align with historical trends, anticipating possible price increases.
