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Influx Of Stablecoins Onto Exchanges Seems To Correlate To Drops In Bitcoin's Price

Emily Mason

Summary: There is a strong relationship between stablecoin activity on major exchanges and Bitcoin's short-term market movements, cryptocurrency behavior analytics platform Santiment argued in a recent tweet. A major rise in USDT moving to exchanges has correlated to large drops in Bitcoin's price. On September 4, 1.087 billion USDT  moved to exchanges near the same time ...

There is a strong relationship between stablecoin activity on major exchanges and Bitcoin's short-term market movements, cryptocurrency behavior analytics platform Santiment argued in a recent tweet.

A major rise in USDT moving to exchanges has correlated to large drops in Bitcoin's price. On September 4, 1.087 billion USDT  moved to exchanges near the same time as a steep decline in the price of Bitcoin. Over the past four days an influx of USDT into exchanges has tracked near Bitcoin's fall from $10,500.

By Emily Mason

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