ChainCatcher news, according to Cointelegraph, USDT supply growth dropped significantly in June, reflecting reduced liquidity in the crypto market.
A report from cryptocurrency custodian Copper shows that Tether (USDT) supply increased by less than 1.5% month-on-month as of June 24, significantly lower than the increase of more than 5% in April and May.
“This suggests that liquidity flows into the crypto market are dwindling as Bitcoin and Ethereum face downward pressure, while altcoins remain far behind, with little hope of any significant rebound in the short term,” said Fadi Aboualfa, head of research at Copper.
USDT trading volume fell from an all-time high of $767.2 billion on March 11 to $53.5 billion on June 24. With the USDT market cap at $113 billion, the slowdown in supply growth suggests less money is flowing into the crypto market.
In addition, the Bitcoin market has recently seen a significant increase in daily outflows, with more than $540 million flowing out last week. In the past 30 days, the price of Bitcoin has fallen by more than 10%, from $68,000 to $62,000.