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What USDT returning to the exchanges tells us about the state of altcoins this week
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In spite of being a controversial asset whose backing has often been questioned, Tether [USDT] was the third biggest crypto by market cap at press time, with more than $82 billion to its name. Adding to that, USDT is the lifeblood of not just the crypto industry but also the booming DeFi sector.
To that end, looking at the stablecoin’s flows can tell us more about what might be going on beneath the flashy surface of the top exchanges.
Glassnode’s weekly on-chain exchange flows revealed that USDT saw net flows of more than $451.8 million. This means that with USDT returning to the exchanges, investors might be in the mood to do some selling – or something else entirely.
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