Researchers at CoinMetrics.io note that over the past two weeks, the capitalization of the most popular stablecoin, Tether USD (USDT) fell by $730 million.
Stablecoin update: Tether has suffered about 730m in outflows from its peak; competitors have added about 120m to their combined supply. So a considerable amount of USDT outflows were not into other stablecoins https://t.co/aV0b23Ttue pic.twitter.com/JRUSQELALn
— CoinMetrics.io (@coinmetrics) October 22, 2018
Over the same time, the capitalization of altcoins competing with USDT increased by a total of 120 million. This suggests that a significant part of the capital was probably directed not to “new stable coins”, but to buying other cryptocurrencies, including Bitcoin.
Founder of Onchain Capital and presenter of Crypto Trader on CNBC Ran NeuNer notes that currently, the largest USDT holders are Tether Treasury (about 30%), the largest in terms of trading volume, Binance, and an unknown address.
Biggest holders of Tether today are treasury,Binance and Huobi. Bitfinex has a very small amount. This means that;
1.Bitfinex has lost a lot of customers.
2.Bitfinex customers have sold Tether for crypto.
3.@cz_binance is certainly in top of the situation.
Source: @TheElementGrp pic.twitter.com/2p12TaJp0t
— Ran NeuNer (@cryptomanran) October 19, 2018
Also, a significant part of USDT coins is concentrated on the Huobi, Poloniex and Bittrex exchanges. Only followed by the Bitfinex exchange that sent most of the Tether coins to the Tether Treasury.
Recall that a week ago there was an anomalous growth of Bitcoin on Bitfinex, against which the USDT price dropped to $0.92.
Four weeks ago, a well-known trader in the crypto community and analyst Tone Vays predicted the disappearance of the most popular stable-coin, Tether.Leave a comment