Crypto market indicators show that the amount of Tether (USDT) currently sitting on exchanges is at the highest levels seen since March this year.
According to a tweet by crypto analytics platform Santiment, exchanges have witnessed a 40% increase in available USDT since June 13, 2023.
USDT Supply on Exchanges Hits Seven-Month Levels
The market intelligence firm said the $9.99 billion worth of USDT currently on exchanges is the highest level of buying power for the stablecoin in seven months. This indicates that trader buying power has risen once again. On the other hand, about $30 billion worth of USDT sits outside exchanges.
💸 The $9.99B worth of #Tether sitting on exchanges is the highest level of buying power for #crypto‘s top #stablecoin in approximately seven months. Since June 13th, these exchanges have seen a 40% increase in available $USDT. https://t.co/nx5Pbb1Oud pic.twitter.com/G9pINqzcg4
— Santiment (@santimentfeed) October 9, 2023
There has been a notable surge in USDT’s presence on exchanges recently, signaling that investors may be preparing for fresh buying opportunities. Earlier this month, Santiment revealed that the amount of the stablecoin on exchanges rose from 17.6% to 24.7% within four months.
Santiment also disclosed that the ten largest USDT holding wallets saw their assets surge from $7.30 billion to $9.42 billion within three months, indicating that some cohorts of investors are increasing their positions in the stablecoin.
CryptoPotato reported that these developments are signs that market players are gearing up to execute buy orders at current or lower price levels. As the stablecoin available for trading on exchanges rises, so does investor confidence and the urge to capitalize on opportunities presented by current market conditions. Overall, the development shows growing interest from investors intent on entering or reentering the crypto market.
USDT Hits New Milestones
Despite the unfavorable market conditions, USDT has hit new milestones and witnessed significant developments in recent times. Less than three months ago, the market capitalization of the stablecoin hit a new all-time high of $83.76 billion.
Over time, the digital asset has managed to maintain its position as the largest stablecoin, dominating with a market share of roughly 66%. USDT is also present on several blockchains, including Ethereum, Tron, Solana, and Algorand, although its issuing company, Tether, removed support for three networks – Omni, SLP, and Kusama – in May.
Meanwhile, Tether said last month that it has resumed lending out USDT to customers.
