Tether's USDT Hits Yearly High as Traders Hold Steady Amid Market Shifts

The 7-day average change in USDT balances reached $568 million, the highest in a year. These balances have been consistently rising since February, indicating that more USDT is being stored on exchanges.

The growth in USDT balances could mean that more users are opting to keep their USDT in exchange accounts, or that there is a trend toward selling the stablecoin.

Given the recent market volatility, traders are likely holding their USDT, waiting to decide their next move based on market conditions.

In terms of Bitcoin (BTC), the market recovered last week, with prices rebounding to $65,000 after a drop below $60,000.

The data shows a slight increase in BTC balances on exchanges, suggesting a rise in selling activities, with an average daily increase of over 6,000 BTC.

For Ethereum (ETH), despite a recent drop in the change of balance, the overall trend remains positive. The balance is still increasing by more than 40,000 ETH daily.

This indicates that despite a slowdown, there's still considerable interest in holding ETH on exchanges.

The newsletter provides insights into these patterns, highlighting a broader trend of increased USDT balances alongside the slowing momentum of crypto assets like BTC and ETH.

This information is crucial for understanding market dynamics and making informed decisions in the volatile cryptocurrency market.