Tether’s USDT is considered to be the most popular dollar-pegged stablecoin out there. Recently, it outperformed Ripple’s XRP by market cap figures. However, XRP just now took its top-3 spot back.
The analytics firm Glassnode has shared a chart that shows that the amount of new USDT addresses has reached a new all-time high after adding 137 new wallets overnight.
Meanwhile, investors seem to be withdrawing their USDT from exchanges more actively than before, according to another chart published by Glassnode.
Number of new USDT wallets hits a new record
Glassnode reports that compared to May 21, the amount of new users who have created USDT wallets has surged to 2,035.875.
The previous number of new wallets was 1,898.667 – that’s nearly 140 new wallets overnight.
? $USDT Number of New Addresses (1d MA) just reached an ATH of 2,035.875
— glassnode alerts (@glassnodealerts) May 22, 2020
Previous ATH of 1,898.667 was observed on 21 May 2020
View metric:https://t.co/JdtdnYGykF pic.twitter.com/WTHKAQHVv9
Users are actively withdrawing USDT from exchanges
Another chart published by Glassnode demonstrates that holders and investors have started actively withdrawing their USDT from trading venues. A popular saying in the community says - not your keys, not your crypto.
The new value of this metric totals 2,466.625.
? $USDT Number of Exchange Withdrawals (1d MA) just reached an ATH of 2,466.625
— glassnode alerts (@glassnodealerts) May 22, 2020
Previous ATH of 2,386.583 was observed on 21 May 2020
View metric:https://t.co/0rszf7n97q pic.twitter.com/lmUO8FrKUf
Crypto whale withdraws 20 mln USDT from Bitfinex
As per data published by Whale Alert, a crypto whale sent 20 mln USDT to Bitfinex from an unregistered wallet earlier today.
Several hours later, the same amount of crypto was transferred to another anonymous wallet. However, the wallets involved in the transaction are not the same.
Still, in the comment thread, some suggested that the whale simply changed his/her mind about keeping the money on Bitfinex.
? 20,000,000 #USDT (19,932,768 USD) transferred from unknown wallet to #Bitfinex
— Whale Alert (@whale_alert) May 21, 2020
Tx: https://t.co/rBQgfQbA6Z
? ? 20,000,000 #USDT (20,022,197 USD) transferred from #Bitfinex to unknown wallet
— Whale Alert (@whale_alert) May 21, 2020
Tx: https://t.co/kkUlV2cwBl
Alex Dovbnya