Tether, the issuer of USDT—the world’s largest stablecoin—has minted over $1.3 billion worth of USDT since the market bottom, as investors appear to be positioning themselves to buy the dip.
Since the market hit its low on August 5, Tether’s treasury has printed over $1.3 billion in USDT. This newly minted USDT has been transferred to several major centralized cryptocurrency exchanges, including Kraken, Coinbase, OKX, and Bullish, according to an August 9 post on X by Lookonchain.
Large inflows of stablecoins like USDT to crypto exchanges often indicate that investors are preparing to buy assets, as stablecoins serve as the primary gateway for converting fiat currency into cryptocurrencies.
Following a significant $510 billion sell-off in the crypto market, there is speculation that the local market may have reached its bottom. Since August 5, when Bitcoin (BTC) hit a five-month low of just above $49,500, the cryptocurrency has shown signs of recovery. According to Bitstamp data, Bitcoin’s price has rebounded by over 21%, reaching $60,271 as of 10:44 am UTC. In the past 24 hours alone, Bitcoin has risen by more than 5.2%.
Despite this recovery, Bitcoin may still face volatility unless it can break through the crucial $64,000–$65,000 resistance level. This price range is significant because it represents the short-term realized price for large Bitcoin holding entities, often referred to as “whales.” As noted in an August 9 post by CryptoQuant, “The short-term holder whale realized price is in the 64K-65K range. This level may present itself as a resistance.”
Investors are now watching closely to see if the influx of USDT can help push Bitcoin above this key threshold.
