USDT exchange outflow exceeded $1 billion yesterday
According to data, more than $1 billion of Tether stablecoin USDT was withdrawn from cryptocurrency exchanges yesterday, which is the largest single-day withdrawal since May. Analysts pointed out that the current price trend "feels very similar to Bitcoin's trend last year," when Bitcoin consolidated for two months after a sharp drop in August. IntoTheBlock analysts said: "Historically, Bitcoin began to decline shortly after USDT withdrawals exceeded $1 billion, indicating that investors may be taking a risk-averse stance and transferring funds to safer environments such as cold wallets to cope with market volatility."
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