USDT inflows on exchanges hit $1.3 billion, fueling demand for Bitcoin
USDT is being actively introduced to exchanges
Net inflow of USDT to cryptocurrency exchanges reached $1.3 billion on November 12. This could signal growing demand for BTC.
According to analytics service CryptoQuant on social media platform X, this significant inflow of USDT marks the second time within six days that such a large amount has been observed.
Analysts believe that a large volume of stablecoins on exchanges provides a high level of purchasing power, which could stimulate demand for bitcoin and other cryptocurrencies.
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Why traders use USDT
Traders actively use USDT to keep capital in digital currency, which helps avoid losses from the volatility of bitcoin and other cryptocurrencies. Many traders convert assets into USDT during periods of market instability to lock in profits or limit losses.
USDT is also widely used in altcoin trading, as many tokens are not directly paired with fiat currencies. The stablecoin serves as a primary trading asset for pairs, making it a versatile tool in trading and allowing traders to freely move capital between different digital assets.
Last week, Tether initiated a $2 billion USDT exchange to the Ethereum network.
