According to IntoTheBlock data, more than $1 billion of Tether stablecoin USDT was withdrawn from cryptocurrency exchanges yesterday, the largest single-day withdrawal since May.
Analysts pointed out that the current price movement "feels very similar to the movement of bitcoin last year", when bitcoin traded sideways for two months after a sharp decline in August. Analysts at IntoTheBlock said: "Bitcoin began to decline shortly after USDT withdrawals exceeded $1 billion in history, indicating that investors may be taking a risk-off stance and moving funds to safer environments such as cold wallets to cope with market volatility."
Outflows from the USDT exchange exceeded $1 billion yesterday
2024-08-14 17:42:10
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