According to ChainCatcher, according to the analysis of the on-chain analysis platform Lookonchain, Bitcoin's fall below the $60,000 mark today may be due to the fact that institutions stopped the stablecoin buying frenzy. Institutions stopped receiving USDT from Tether Treasury and transferring it to exchanges 2 days ago.

Previously monitored on August 9, 1.3 billion USDT has been transferred from Tether Treasury to exchanges since the market crash on August 5.