Vincent Liu, chief investment officer at Kronos Research, said traders often accumulate Tether during dips to position themselves for buying opportunities.
Onchain activity for Tether has hit a sixth-month high, possibly indicating traders are gearing up to jump back into the market, according to analysts.
Data shared by the blockchain data platform Santiment in a March 12 X post shows Tether’s (USDT) onchain activity has been on the rise, peaking with over 143,000 wallets making transfers on March 11, the highest in six months.
“When USDT & other stablecoin activity spikes during price drops, traders are preparing to buy. Added buy pressure aids in crypto prices recovering,” Santiment said.
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