While Bitcoin (BTC) is getting purged again, seasoned analyst Chris Burniske reflects on the opportunities to "fix profit" safely. The CEO of Tether incubee Rumble sees $1 trillion in USDT coming despite crypto expert Nic Carter being skeptical about the USDT/USDC duopoly on the stablecoin scene.
Bitcoin (BTC): It's time to book some profits, analyst Burniske says
The price of Bitcoin (BTC), the biggest cryptocurrency, has hit a two-month high amid the news of the U.S. government shutdown. While the price action definitely looks strong, top analyst Chris Burniske says that he would not rule out having some profits fixed at this stage.
The best time to sell, at least part of one's Bitcoin (BTC) holdings, is when prices are still surging, he pointed out in a tweet:
All of that said, still think it's a general time to be booking *some* profits (psychologically easier to do so on the way up), and may share more about my personal approach to that end soon.
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Burniske admitted that some speakers are sure that Bitcoiners (BTC) might be done selling in late Q3, 2025, as the cryptocurrency markets are back to rallying. At the same time, traders should be optimistic about "Uptober" promises at this point.
This statement counts not only for Bitcoin (BTC), as Burniske considers himself a "consistent, but patient, seller at these levels and higher" for BTC and all major cryptocurrencies. Nevertheless, he still raises the cash and maintains allocations to Bitcoin.
The Bitcoin (BTC) price hit a local high over $119.450 on major spot exchanges today, after adding 1.84% overnight.
USDT, USDC duopoly on borrowed time: Three reasons by researcher Nic Carter
The "duopoly" - the dominance of the U.S. Dollar Tether (USDT) and Circle's USDC as the two main stablecoin assets - might end soon. Such a forecast was shared by Nic Carter, Fidelity's alum, a partner at Castle Island Ventures and the cofounder of blockchain data aggregator Coinmetrics.
Carter indicated three potential catalysts for the rest of the stablecoins. First, many TradFi "intermediaries" will have their own stablecoins rolled out sooner or later. The opportunity to get some profits currently shared between the issuers of USDC and USDT will be a core motivation catalyst here.
Then, the accelerated competition in various yield-bearing stablecoins will also bring in new players. Giants like USDT and USDC will not be able to offer yields competitive with those of early-stage smaller-cap stablecoins.
The growth of bank-issued stablecoins will be the third pillar of the coming revolution in this growing segment. The banks will release their cryptos on an enormous liquidity and infrastructure basis, pushing forward the adoption of stablecoins as an asset class.
Currently, USDT and USDC combined are responsible for $243 billion out of $300 billion, a total market cap of the stablecoin segment. Its biggest competitor, Ethena's USDe, is sitting at a $14 billion market cap.
$1 trillion in USDT "sooner than everyone thinks"
Meanwhile, Tether's USDT routinely hits a new ATH in circulating supply, with $175 billion in equivalent issued across various blockchains. Chris Pavlovski, founder and CEO of Rumble content distribution platform, foresees this number hitting $1 trillion soon.
Pavlovski stressed that the rally of USDT's circulating supply to the 13-digit zone is closer than everyone may think.
Last year, the USDT supply surged from $119 billion to $175 billion, while its main rival, USDC, more than doubled its supply from $35 billion to $73 billion.
As covered by U.Today previously, Tether made headlines in December 2024 by investing $775 million in Rumble. It remains the biggest investment in Tether's history.
The USDT issuer itself is seeking funding now. Post-fundraising, the company valuation might exceed $500 billion, which will allow Tether to outshine OpenAI as the most valued private company in the world.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team