USDT Trading Volume Hits Monthly Low, Net Inflow Surges
It is reported that according to Glassnode data, USDT has fallen to the lowest monthly trading volume level in the past 24 hours. The last trading volume at th…
It is reported that according to Glassnode data, USDT has fallen to the lowest monthly trading volume level in the past 24 hours. The last trading volume at this level was in the middle of January. At about the same time, the cryptocurrency market began to experience a surge in volatility. Despite the decline in trading volume, USDT still participated in important trading activities. The latest online transaction flow shows that the net inflow of USDT is US $84.4 million. This means that its inflow is higher than its outflow in the past 24 hours.
Data: USDT fell to the lowest monthly trading volume level in the past 24 hours
Interpretation of the news:
The recent report from Glassnode reveals that the trading volume of USDT has dropped to its lowest level in the last month within the past 24 hours. It was last recorded in mid-January of this year. Although this decline might indicate a bearish market trend, the data points to the continued significance of USDT in the trading activities despite decreased usage. The current volatility of the crypto market cannot be discounted either, as it contributes to the weakened trading volume of USDT.
USDT, known as a stablecoin or digital token with the value pegged to the US dollar, is widely used by traders to park funds in a stable asset amid market turmoil. It has become one of the most popular cryptocurrencies in the world, with a market capitalization of over $61 billion. However, its significance has been challenged over the past few months, especially by new emerging stablecoins, such as USDC and BUSD.
Despite the decrease in trading volumes, USDT still accounts for a considerable flow of funds in the cryptocurrency space. The recent online transaction flow reports reveal that the net inflow of USDT during the last 24 hours has been over US$84 million, higher than its corresponding outflow. This means that despite lower trading volumes, USDT is still in high demand for trading activities.
The news of increased inflow amidst a bearish market could serve as a positive indicator for the future of USDT, with investors still putting their faith into the asset despite constant market fluctuations. However, the trading volume drop raises the question of the dominance of USDT in the stablecoin market moving forward, and the possibility of other stablecoins taking the lead.
Overall, the recent decline in trading volume for USDT indicates the possibility of challenging times ahead, but the stablecoin’s continued relevance in the market cannot be denied. With the recent positive news of higher net inflow, it is yet to be seen how USDT will fare on the global stage in the coming days as the volatility of the crypto market shows no signs of diminishing.
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