Summary
- Tether minted $1.3 billion worth of USDT.
- Investors could be getting ready to buy the dip.
According to the latest reports, it seems that Tether’s Treasury printed over $1.3 billion worth of USDT since the August 5 market bottom.
New reports coming from Lookonchain reveal that the $1.3 billion has been transferred to some of the most popular CEXs in crypto including Kraken, Coinbase, OKX, and Bullish.
Large stablecoin inflows to crypto exchanges could suggest that there’s incoming buying pressure since stablecoins are the main bridge from fiat to crypto that investors use.
Investors Started Minting $1.3B USDT on August 5
According to Bitstamp data, investors started minting $1.3 billion in USDT since August 5 when the BTC price dropped below $50,000 ahead of a quick recovery.
Since the Crypto Black Monday, BTC’s price recovered and today it surged above $62,000. At the moment of writing this article, BTC is trading above $60,000, up by over 6% in the past 24 hours.
In a post on X today, CryptoQuant says that investors should pay attention to Bitcoin’s short-term whales. According to his post, the short-term holder whale realized price is in the $64,000-$65,000 range, and this level may present itself as a resistance.
This specific level could trigger some whales that are tired of losses to want to exit as they reach the breakdown levels, and such a move could bring selling pressure.
Bitcoin Price – Optimistic Metrics and Political Support
According to the same notes, if Bitcoin breaks above these levels, traders should pay attention to whether it can maintain it. The long-term holder realized price is at the $22k level and as BTC rises, this value gradually approaches. If BTC finds demand, it could see a significant upward movement.
However, there are multiple factors that could contribute to Bitcoin’s price appreciation. We noted the newly minted USDT and the recent inflows in US Bitcoin ETFs are other important factors worth mentioning.
Grayscale Research recently revealed that Bitcoin can retest its ATH in 2024 especially if the US manages to avoid a recession.
Bitcoin is surrounded by strong political support these days as well. In the US, the Presidential candidate Donald Trump has been supporting BTC and crypto, while not too long ago, his son, Donald Trump Jr. revealed that he’s working on a crypto DeFi platform that should be launched soon with the aim to take on the banks.
He made the comments during a recent Q&A after he shared various X posts addressing the crypto community.
Another notable event is that Russian President Vladimir Putin signed a law supporting Bitcoin and crypto mining in the country.