USDT Whale Activity Heating Up As Exchange Deposits Rapidly Accelerate, According to Analytics Firm Santiment

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Top stablecoin USDT is witnessing a surge in on-chain activity, according to the crypto analytics firm Santiment.

Santiment notes that USDT, which is issued by Tether and aims to maintain to maintain a 1:1 peg with the US dollar, recently notched a three-month high in active addresses, in large part due to an increase in exchange deposits.

Earlier this week, Santiment noted that the amount of USDT on exchanges had reached a level last seen in March 2023, giving a boost to the “buying power” of crypto investors.

USDT had a peak high of $16.96 billion on exchanges in August 2022, which declined to a low of $7.12 billion in June 2023, a more than 58% decrease, according to a chart provided by the analytics firm.

Additionally, Santiment notes that large wallets holding between $1-10 million worth of USDT have been accumulating the top stablecoin. The firm says that metric also indicates “interest in future buys.”

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Source: Santiment/X

The analytics firm also weighs in on Ethereum (ETH), noting that ETH’s top-10 non-exchange addresses continue to gobble up the second-largest crypto asset by market cap. Those addresses now hold a total of 39.22 million ETH, an all-time high number that is worth more than $61.2 billion at time of writing.

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The post USDT Whale Activity Heating Up As Exchange Deposits Rapidly Accelerate, According to Analytics Firm Santiment appeared first on The Daily Hodl.

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