The recent flash volatility the crypto market saw due to the fake BTC ETF approval led to top USDT accounts stepping up their accumulation.
In the wake of the Bitcoin ETF misinformation, USDT’s top wallets swell while its flow to exchanges dwindles, hinting at a crypto flight to stability amid brewing volatility.Furthermore, it caused a surge in the on-chain transaction volume of the stablecoin, with the Transaction Volume surpassing $5.6 billion. This marked the highest Transaction Volume for USDT since August. As of this writing, the Transaction Volume remained above $5.5 billion.
Interpreting this flow pattern alongside the accumulation metric, it appeared to suggest a flight to safety in response to increased market volatility. With the corresponding rise in the price of Bitcoin and the subsequent minor decline, traders seem to be accumulating moreAdewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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