Tether recently held its largest coin burn

On December 31, 2024, over 1 billion USDT was burned, which is the largest coin burn in history.

Analyst Jacob King suggests that this could be the beginning of a bearish phase, noting that this is the 4th burn in the last 2 weeks.

The last time such a dynamic was followed by a market drop of more than 55%.

However, X users do not support his opinion. “How long have you been warning about this? I have been buying Bitcoin since it was under $1000. I have seen many bloodbaths and 70% drops, and I just keep buying. I am sure you will say the same thing when Bitcoin is at $2 million per coin. I think you are missing what is really going on here,” the social network user retorted.