According to BlockBeats, the supply of Tether (USDT) has seen a significant decrease in June, indicating a reduction in liquidity in the cryptocurrency market. A report by cryptocurrency custodian Copper revealed that as of June 24, the monthly growth of USDT supply was less than 1.5%, a stark contrast to the over 5% increase in April and May.
Copper's Research Director, Fadi Aboualfa, stated that this suggests a decrease in liquidity flowing into the crypto market as Bitcoin and Ethereum face downward pressure. He further noted that altcoins are still far behind, with almost no hope for a significant rebound in the short term.
The trading volume of USDT fell from a historical high of $767.2 billion on March 11 to $53.5 billion on June 24. With the market value of USDT reaching $113 billion, the slowdown in supply growth indicates a reduction in funds flowing into the crypto market.
In addition, the daily outflow from the Bitcoin market has significantly increased recently, with over $540 million flowing out last week. Over the past 30 days, the price of Bitcoin has fallen by more than 10%, dropping from $68,000 to $62,000.