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.
Onchain activity for Tethers USDT has spiked, reaching a sixth-month high. Source: Santiment
It comes as Bitcoin (BTC) dropped to a four-month low of $76,700 on March 11, as the wider crypto market <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-below-80k-macroeconomic-uncertainty"