In an unprecedented event this week, the transaction volume of dominant stablecoin, Tether (USDT), soared from $12 billion to $47 billion within a day. This surge was triggered by inaccurate news of spot Bitcoin ETFs' approval, which sparked significant interest in the market.
Investors often turn to stablecoins such as Tether during periods of price instability to safeguard their capital while maintaining market involvement. The recent volume surge underscores the heightened investor interest in spot Bitcoin ETFs and points towards potential future crypto acquisitions.
Data from Santiment revealed that during this spike, the largest Tether whale wallets increased their holdings. The top 10 wallets now control a quarter of all USDT in circulation. Currently, Tether has a circulating supply of 83.6 billion USDT.
The crypto community celebrates October as 'Uptober', a month typically associated with bullish trends that also marks the inception of Tether. This year, in October 2023, Tether is set to celebrate its 9th anniversary. The recent surge in transaction volume adds another layer to Tether's significance during this month.
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