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Bitcoin struggles to rally as Tether’s USDT growth stagnates: CryptoQuant

June 9, 2024
in Business
Bitcoin struggles to rally as Tether’s USDT growth stagnates: CryptoQuant
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Demand for Bitcoin from large investors and permanent holders is on the rise. However, Bitcoin (BTC) has yet to see a major price rally since the growth in USDT’s market capitalization is slowing, according to CryptoQuant’s recent report.

“Stablecoin liquidity has yet to recover its growth trajectory in order to underpin a price rally,” CryptoQuant stated. “The growth in the market capitalization of Tether’s USDT, a proxy for fresh liquidity in crypto markets, has continued to decelerate and is now growing at the slowest pace since February 11.”

As noted, demand for Bitcoin among large-scale investors, often referred to as whales, and long-term holders is picking up speed. The monthly growth rate of demand from these groups is 4.4%, the quickest increase since April.

In the last 30 days, these Bitcoin holders have added 70,000 BTC to their holdings, the most substantial accumulation since April. This reflects the 2020 pre-rally phase when large investors channeled about $1 billion into Bitcoin, according to the report.

On-chain activity remains robust despite Bitcoin’s price exhibiting low volatility. Data suggests institutional investors are actively purchasing Bitcoin for their custody wallets. In addition, long-term holders have resumed accumulation.

The report also notes that selling pressure on Bitcoin has decreased as traders have largely completed profit-taking. With unrealized profits at a low of 3%, down from 69% in early March, the expectation is for reduced selling pressure moving forward.

Concurrently, Ethereum (ETH) has witnessed a spike in demand, particularly after the approval of spot Ethereum ETFs in the US, with daily purchases by permanent holders averaging 40,000 ETH since May 20.

Despite the optimistic signs of increased institutional buying and the launch of spot ETFs, CryptoQuant’s report suggests that the sluggish growth in stablecoin liquidity may hinder the prospects of a major Bitcoin price rally in the short term.

Bitcoin’s price stagnates despite strong inflows into US spot Bitcoin ETFs

The report also highlights a remarkable uptick in Bitcoin acquisitions from US spot Bitcoin ETFs (ETFs), with total holdings increasing from 819,000 to 859,000 between May 1 and June 6.

On June 7, US spot Bitcoin funds recorded a net inflow of $131 million, marking 19 consecutive days of inflows, according to data from Farside.

Historically, strong Bitcoin ETF inflows have been accompanied by Bitcoin’s price rallies. However, the price movements over the past two weeks indicate that ETF flows are not the only factor that influences Bitcoin’s price actions.

CoinGecko’s data shows that Bitcoin’s price fell from around $72,000 to $69,000 on Friday following the jobs report and unemployment data.

At press time, Bitcoin is trading at around $69,200, slightly down in the past 24 hours, and is around 6% away from its all-time high, established in March.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

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