IntoThe Block said in a post on the X platform that more than $1 billion of USDT was withdrawn from the exchange yesterday, the largest outflow of Tether since May. Deposits are usually seen as bullish signals that users are ready to buy assets, while withdrawals have a more complex interpretation. Users may transfer funds to DeFi to seek gains outside the exchange.
However, after several recent withdrawals of more than $1 billion, the price of bitcoin began to decline, suggesting that investors may adopt a risk-off strategy and move their funds to safer environments such as cold wallets in response to market volatility.
Data: Over $1 billion of USDT was withdrawn from exchanges yesterday
2024-08-14 09:02:54
Intothe block platform post said yesterday more than $1 billiondesk3cryptocurrencydesktopCrypto News
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