Joao Wedson, CEO of Cryptocurrency Analysis Firm Alphractal, evaluated outstanding data on Tether (USDT) transfers over Tron networks.
According to a statement from Wedson, central exchanges, particularly Binance and the Tron Network, are forwarding large quantities of USDT.
According to on-chain data, only Binance handles around 62% of Tron-based USDT transfers, with daily volumes ranging from $2.5 billion to $3 billion. Historically, analysts say such large-scale USDT transfers occur just before a period of high volatile in the crypto market.
Joao Wedson added that one reason for this activity could be a growing institutional interest in cryptocurrencies.
However, analytics firm Alphractal has determined that as Bitcoin prices rise, the long-term supply of Bitcoin is being stimulated. The analytics company believes that one of the biggest reasons for the awakening of these dormant coins is its strong interest in spot ETFs. Analysts argue that this has created a more dynamic and responsive market.
*This is not investment advice.
