Tether (USDT), the largest stablecoin by market cap, experienced a surge at the start of this week, reaching a two-month high in terms of transaction
Tether experienced a surge in transaction volume, its highest in two months, due to a false spot Bitcoin ETF approval report. The stablecoin's 24-hour volume jumped from $12 billion on Sunday to $47 billion on Monday. Tether's remarkable volume increase is a positive for broader crypto assets. volume. Tether's volume soared from $12 billion to an impressive $47 billion in just one day.
-day volume This surge reflects the keen investor interest in spot Bitcoin ETFs. Investors turn to stablecoins to keep their capital safe during volatile price movements when they do not want to exit the market entirely. They want to wait on the right opportunity to buy riskier crypto assets. Meanwhile, Santiment notes an accumulation in Tether's largest whale wallets during the spike. The top 10 largest Tether wallets now collectively hold a quarter of the entire USDT supply.
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