USDT Whale Activity Heating Up As Exchange Deposits Rapidly Accelerate, According to Analytics Firm Santiment

Top stablecoin USDT is witnessing a surge in on-chain activity, according to the crypto analytics firm Santiment.

Santiment notes that USDT, which is issued by Tether and aims to maintain to maintain a 1:1 peg with the US dollar, recently notched a three-month high in active addresses, in large part due to an increase in exchange deposits.

Earlier this week, Santiment noted that the amount of USDT on exchanges had reached a level last seen in March 2023, giving a boost to the “buying power” of crypto investors.

USDT had a peak high of $16.96 billion on exchanges in August 2022, which declined to a low of $7.12 billion in June 2023, a more than 58% decrease, according to a chart provided by the analytics firm.

Additionally, Santiment notes that large wallets holding between $1-10 million worth of USDT have been accumulating the top stablecoin. The firm says that metric also indicates “interest in future buys.”

The analytics firm also weighs in on Ethereum (ETH), noting that ETH’s top-10 non-exchange addresses continue to gobble up the second-largest crypto asset by market cap. Those addresses now hold a total of 39.22 million ETH, an all-time high number that is worth more than $61.2 billion at time of writing.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney