{"id":297638,"date":"2023-03-15T19:00:52","date_gmt":"2023-03-15T13:30:52","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=297638"},"modified":"2023-03-15T14:59:10","modified_gmt":"2023-03-15T09:29:10","slug":"tether-usdt-exchange-supply-dwindles-as-whales","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/tether-usdt-exchange-supply-dwindles-as-whales\/","title":{"rendered":"Tether [USDT] exchange supply dwindles as whales&#8230;"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Addresses with large USDT holdings are moving their assets off exchanges.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Tether\u2019s market cap dominated Circle, but earlier high sentiment has reduced.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Over the weekend, stablecoins became \u201cunstable\u201d as fifth-ranked cryptocurrency as <\/span><span style=\"font-weight: 400;\">Circle USDC<\/span><span style=\"font-weight: 400;\"> in market value lost its dollar peg. Following the event, a lot of investors switched sides and held their stables in <\/span><span style=\"font-weight: 400;\">Tether [USDT]<\/span><span style=\"font-weight: 400;\">. This led to a drop in USDC\u2019s market capitalization and increased dominance for Tether.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Realistic or not, here\u2019s <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">USDC\u2019s market cap in USDT\u2019s terms<\/span><\/a><\/p>\n<hr \/>\n<p>While many may have believed that USDT could act as a safe haven, not many trusted keeping them on exchanges. In fact, whales were the leading light in this group.<\/p>\n<h3><b>Whales keep stability to themselves<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">According to Santiment, about $1 billion USDT left exchanges and were moved into self-custody multiple times in the last ten days. This was an uncommon occurrence because the act had only happened eight times over the last 365 days before now.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udc33\ud83d\udcb8 There have been 8 <a href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&amp;ref_src=twsrc%5Etfw\">#Tether<\/a> transfers valued at $1 billion or more over the past year. 4 of them have come in the past 10 days. Whales have moved <a href=\"https:\/\/twitter.com\/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDT<\/a> out of exchanges at a rapid rate with the bank collapse and <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDC<\/a> concerns being big contributors. <a href=\"https:\/\/t.co\/lm0luYywj9\">https:\/\/t.co\/lm0luYywj9<\/a> <a href=\"https:\/\/t.co\/lIaAc1BeVD\">pic.twitter.com\/lIaAc1BeVD<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1635881333896654848?ref_src=twsrc%5Etfw\">March 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">During the time Circle revealed its exposure, Tether\u2019s CEO Paolo Ardoino, had assured the community that it had no links with Silicon Valley Bank (SVB). Regardless, USDC has <\/span><a href=\"http:\/\/ambcrypto.com\/circle-reserves-worth-3-3b-at-svb-to-be-fully-available-soon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">found its way<\/span><\/a><span style=\"font-weight: 400;\"> back to $1, although the price at press time was slightly below the expected value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, USDT\u2019s non-zero addresses decreased around 18 February. But, according to Glassnode, the number of <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=USDT&amp;category=Addresses&amp;m=addresses.NonZeroCount\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">unique addresses <\/span><\/a><span style=\"font-weight: 400;\">holding a positive amount of the stablecoin had increased to 4.15 million. This confirmed the restoration of the USDT&#8217;s superiority as <\/span><a href=\"http:\/\/ambcrypto.com\/silicon-valley-bank-leaves-usdc-bleeding-will-it-impact-stablecoin-market\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">USDC\u2019s position<\/span><\/a><span style=\"font-weight: 400;\"> in this aspect only had 1.59 million unique addresses.<\/span><\/p>\n<figure id=\"attachment_297646\" aria-describedby=\"caption-attachment-297646\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-number-of-addresses-with-a-non-zero-balance.png\"><img decoding=\"async\" class=\"size-full wp-image-297646\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-number-of-addresses-with-a-non-zero-balance.png\" alt=\"USDT addresses with non-zero balance\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-number-of-addresses-with-a-non-zero-balance.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-number-of-addresses-with-a-non-zero-balance-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-number-of-addresses-with-a-non-zero-balance-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-number-of-addresses-with-a-non-zero-balance-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-number-of-addresses-with-a-non-zero-balance-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-297646\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Moreso, one part of the USDT network that caught the eye was the <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=USDT&amp;category=Market%20Indicators&amp;m=indicators.Velocity\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">velocity<\/span><\/a><span style=\"font-weight: 400;\">. An explanation of this metric is that it measures how many units of a coin are circulating in a network. It is derived by calculating dividing the on-chain transaction volume by the market capitalization.<\/span><\/p>\n<h3><b>High circulation but conviction is down<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">At press time, USDT surpassed the highs of the last ten months, as it peaked at 0.366. This value means that there has been a rapid increase in liquid supply. Therefore, the broader market was increasingly transacting using USDT. But for those who held a large supply, keeping off exchanges was the way to go.<\/span><\/p>\n<p><figure id=\"attachment_297647\" aria-describedby=\"caption-attachment-297647\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-velocity.png\"><img decoding=\"async\" class=\"size-full wp-image-297647\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-velocity.png\" alt=\"Tether [USDT] velocity\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-velocity.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-velocity-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-velocity-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-velocity-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/glassnode-studio_tether-velocity-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-297647\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure><span style=\"font-weight: 400;\">Additionally, the USDC troubles helped improve the perception towards USDT. This was because Santiment&#8217;s data <\/span><a href=\"https:\/\/app.santiment.net\/charts\/_Z__fuNy__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">showed<\/span><\/a><span style=\"font-weight: 400;\"> that the latter\u2019s stablecoin reached 6.628 on 12 March. The weighted sentiment compiles the public opinion about an asset.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 USDTs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Hence, the hike implied that social volume was high and the feeling towards USDT was largely positive. However, press time data from the on-chain analytic platform revealed that the metric had been suppressed a bit. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The supply percentage held by top addresses also trended along the downside. At press time, the chunk of these heavy-purse investors had decreased to 29.53.<\/span><\/p>\n<figure id=\"attachment_297644\" aria-describedby=\"caption-attachment-297644\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.23.29-15-Mar-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-297644\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.23.29-15-Mar-2023.png\" alt=\"USDT exchange sentiment and top addresses supply\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.23.29-15-Mar-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.23.29-15-Mar-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.23.29-15-Mar-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.23.29-15-Mar-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.23.29-15-Mar-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/03\/Bitcoin-BTC-09.23.29-15-Mar-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-297644\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Addresses with large USDT holdings are moving their assets off exchanges. Tether\u2019s market cap dominated Circle, but earlier high sentiment has reduced. Over the weekend, stablecoins became \u201cunstable\u201d as fifth-ranked cryptocurrency as Circle USDC in market value lost its dollar peg. Following the event, a lot of investors switched sides and held their stables in<a href=\"https:\/\/ambcrypto.com\/tether-usdt-exchange-supply-dwindles-as-whales\/\">Continue reading <span class=\"sr-only\">&#8220;Tether [USDT] exchange supply dwindles as whales&#8230;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":72,"featured_media":297648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-297638","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tether [USDT] exchange supply dwindles as whales... - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Following the event, a lot of investors switched sides and held their stables in Tether [USDT]. 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