USDT holdings have risen sharply amid a sluggish crypto market.
Since August, a massive surge in USDT holdings on exchanges have been witnessed.
The accumulation/distribution indicator suggests that the trend might continue.
Crypto investors have massively increased their stablecoins holdings with USDT accumulation on the rise amid a sluggish market. Data from CryptoQuant reveals a sharp rise in USDT holdings since Augustâs market downturn.
According to CryptoQuant analyst âYonsei Dent,â the increase in USDT reserves on exchanges is a significant shift. âUSDT remained relatively stable despite price swings from March to July,â Dent noted.
The increasing presence of stablecoins on exchanges could be an indication of investors waiting to buy cryptocurrencies. However, this doesnât necessarily mean that the price of digital assets will rise, Dent warned. It could also mean that investors anticipate a market crash or have converted their crypto to stablecoins, which could result in the market plunging.
Dent also believes that it could be possible that investors wonât exchange their stablecoins for cryptocurrencies because the global markets currently hâŠ
The post Crypto Investors Flock to USDT as Market Uncertainty Grows appeared first on Coin Edition.