Tether (USDT) Mints $3 Billion in One Week as Funds Flow to Major Exchanges, Signaling Potential Large-Scale Accumulation

The crypto market is gleaming with bullish sentiment as on-chain activity points to a notable institutional influx. These notions are backed by the increased minting

Fresh funds minted at the Tether (USDT) Treasury have been moved to various exchanges, suggesting large-scale accumulation among crypto investors.

The crypto market is abuzz with bullish sentiment as on-chain activity indicates a significant institutional influx. These notions are supported by the increased minting and distribution activities of the leading stablecoin issuer, Tether.

Data from Lookonchain showed that Tether has minted $3 billion USDT in one week (between August 13 and 21) as the market gears toward bullish trends from Bitcoin and altcoins. Notably, the minted funds have flowed into major exchanges, signaling potential increased crypto accumulation.

The data showed that of the $3.22 billion minted on the Tether Treasury since August 5, $1.75 billion has flowed through Cumberland to Binance, Coinbase, OKX, Kraken, and Bullish.com. The other $1.29 billion moved into Kraken via a deposit address, “TQef1.” Cumberland has been a significant medium through which funds move from the Tether Treasury to exchanges.

Fund influx of this nature is often perceived as bullish for the market, as it showcases surging demand for stablecoins to purchase cryptocurrencies. The incessant demand saw Bitcoin (BTC) rally to $61,000 on Tuesday, while altcoins like SHIB and XRP reached $0.000039 and $0.613, respectively.

Stablecoins Hit $169B Market Cap

Data from Coingecko showed that the market cap for stablecoins has reached $169 billion, the highest ever in the sector. This increased market dominance from stablecoins has seen them hold 7.72% of the cryptocurrency market share.

Tether’s incessant USDT minting has kept it as the leading stablecoin issuer with a market cap of $117.3 billion. Notably, Tether dominates 69% of the entire stablecoin valuation, accounting for 5.36% of the crypto market.

Circle’s USDC is the second-largest stablecoin, with a market cap of $34.8 billion. The US dollar-pegged cryptocurrency ranks 6th in the crypto pecking order and accounts for 20.5% of the stablecoin market.

Historically, an explosive increase in stablecoin issuance in the crypto market has preceded a rally. Analytical platform CryptoQuants has confirmed the bullish disposition of the event, stating it signals a potential rise in Bitcoin and altcoin prices.

The above is the detailed content of Tether (USDT) Mints $3 Billion in One Week as Funds Flow to Major Exchanges, Signaling Potential Large-Scale Accumulation. For more information, please follow other related articles on the PHP Chinese website!