On-chain data shows a massive amount of the stablecoin USDT has been moving to exchanges recently, potentially acting as fuel for the Bitcoin and wider cryptocurrency rally.
USDT Exchange Inflows Have Remained High Recently
In a new post on X, the on-chain analytics firm Santiment discussed the trend in the Exchange Flow Balance for Tether’s USDT. The “Exchange Flow Balance” here refers to an indicator that keeps track of the net amount of a given asset entering or exiting the wallets associated with centralized exchanges.
When the value of this metric is positive, it means the inflows outweigh the outflows, and a net amount of the coin is entered into the exchanges’ wallets. Such a trend is usually a sign of demand among investors for trading away the cryptocurrency.
On the other hand, the negative indicator implies the holders are withdrawing a net number of tokens from these platforms. This kind of trend suggests the market is in a phase of accumulation.
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