Report: Tether supply slowdown shows crypto market cooling

According to Copper's report, as of June 24th, the monthly supply growth of Tether (USDT) was less than 1.5%, significantly lower than the over 5% growth in April and May. The trading volume of USDT decreased from a historical high of $767.2 billion on March 11th to $53.5 billion on June 24th. With a market value of $113 billion, the slowing supply growth indicates a decrease in funds flowing into the cryptocurrency market.

In addition, the daily outflow from the Bitcoin market has recently increased significantly, with over $540 million flowing out last week. Over the past 30 days, the price of Bitcoin has dropped over 10%, from $68,000 to $62,000.

Macroeconomic pressures are also affecting the cryptocurrency market. ETC Group's report points out that the downward revision of global growth expectations and the increasing risk of a US economic recession may continue to pose challenges to the price of Bitcoin.