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.
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