On December 5, news came that Tether CEO Paolo Ardoino attributed the rise in USDT's market capitalization to a large influx of funds into Bitcoin spot ETFs and the Bitcoin buying spree led by Michael Saylor. Ardoino revealed that in just the past 20 days, Tether's market capitalization has increased by about $16 billion, partly due to the significant capital flowing into spot Bitcoin ETFs, with many people starting to buy Bitcoin at a very rapid pace, especially after the U.S. elections.