Tether (USDT) Fuels Bitcoin's (BTC) '13th Largest' Recovery – Everything You Need to Know
- WBOYOriginal
- 2024-08-11 15:04:22695browse
This week’s Bitcoin [BTC] market crash, at the time of writing, ranked as the 13th largest capitulation event in global financial history...
Stablecoin inflows surged on Monday as traders shifted funds to exchanges following a global stock market crash.
Data shared on August 8 by Lookonchain showed that Tether had transferred $1.3 billion to exchanges and market makers since Monday’s market crash.
The stablecoin inflows increased from the beginning of the crypto market decline, which was largely driven by traders’ exchange transfers.
Cryptoquant’s data showed that USDT exchange inflows spiked by 181% between August 3 and August 6 during the market crash.
Binance also saw a large increase in USDT deposits, hitting $1.5 billion, according to data from defiLlama.
Meanwhile, data from Glassnode showed that stablecoin inflows into exchanges had risen since August 3, coinciding with the start of the crypto market decline.
However, the inflows appeared to have slowed down toward the end of the week.
stablecoins hit exchanges following crypto market crash. Source: Glassnode
The data highlighted a shift in trader strategy as stablecoin inflows increased during periods of market decline, while outflows were observed during market rallies.
This trend suggested that traders were booking profits and moving funds out of exchanges during bull markets and preparing for further trades by shifting stablecoins to exchanges during bear markets.
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