Acryptoinvest.news: Exchanges hold more USDT Tether. Earlier this month, the 7-day rolling average change in USDT held on exchanges reached $568 million, the highest in a year. The moving average has remained positive since early February, indicating a consistent increase in USDT holdings on exchanges.
USDT balances on exchanges tend to rise either when more people hold the asset on the exchange or when more traders want to sell the asset than buy it. USDT is the largest stablecoin by market capitalization.
It is likely that in this case many users are holding USDT in their accounts after selling during the last few turbulent weeks in the market. These traders may not have withdrawn their USDT yet while figuring out whether the market slowdown is short-term and whether they will want to buy it again.
It looks like we got some reprieve from the fall late last week as Bitcoin rose back to $65,000 on Friday after falling below $60,000 earlier.
The rolling average change in the amount of BTC held on exchanges has been slowly rising since hitting a relative low earlier this month, which in this case could be driven by increased sales, with balances growing by over 6,000 BTC per day.
For ETH, balance changes have been declining since peaking in late March, but are still largely positive, increasing by over 40,000 ETH per day, and again can likely be attributed to the cryptocurrency's recent slowdown.
While the exact cause of the more minor fluctuations in the amount of BTC and ETH being added to exchange balances is difficult to track, a huge surge in growth in USDT balances on exchanges appears to correspond with the end of the strong upward momentum of many crypto assets.