In a bullish indicator for the crypto market, the supply of Tether (USDT) on cryptocurrency exchanges has reached its highest level since March this year. According to data from crypto analytics platform Santiment, the amount of USDT available on exchanges has surged by 40% since June 13, 2023.
Seven-Month High for USDT Supply
Santiment’s report reveals that there is currently $9.99 billion worth of USDT on exchanges, marking a seven-month high for this stablecoin’s buying power. This upsurge signifies a resurgence in trader buying power, as approximately $30 billion worth of USDT remains off exchanges.
The notable increase in USDT’s presence on exchanges suggests that investors are gearing up for potential buying opportunities. Earlier this month, Santiment reported that the percentage of the stablecoin on exchanges had risen from 17.6% to 24.7% in just four months.
Growing Confidence Among Investors
Santiment’s data also reveals that the ten largest USDT-holding wallets have witnessed an increase in their assets, rising from $7.30 billion to $9.42 billion over three months. This indicates that specific cohorts of investors are actively expanding their positions in USDT, reflecting growing confidence in the crypto market.
💸 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
The surge in USDT’s availability on exchanges and the growing interest in increasing positions in the stablecoin indicate that market participants may be preparing to execute buy orders at current or lower price levels. This development reflects an overall resurgence of investor interest in entering or reentering the crypto market.
Despite challenging market conditions, USDT has achieved significant milestones. Just a few months ago, its market capitalization reached an all-time high of $83.76 billion. With approximately 66% market share, USDT continues to maintain its position as the largest stablecoin. It is available on multiple blockchains, including Ethereum, Tron, Solana, and Algorand. Tether, the issuer of USDT, recently resumed lending USDT to customers, further demonstrating its confidence in the stablecoin’s stability and utility in the market.