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DATA: More than $1 billion in USDT was withdrawn from exchanges yesterday, the largest outflow since May

DATA: More than $1 billion in USDT was withdrawn from exchanges yesterday, the largest outflow since May

Bitget2024/08/14 09:14

IntoTheBlock posted on the X platform that more than $1 billion in USDT was withdrawn from the exchange yesterday, the largest outflow from Tether since May. Typically, deposits are seen as bullish signals that users are ready to buy assets, while withdrawals have a more complex interpretation. Users may be moving funds to DeFi in search of gains outside of the exchange. However, the Bitcoin price has begun to fall after multiple recent withdrawals of over $1 billion, suggesting that investors may be adopting a risk aversion strategy, moving their funds to safer environments such as cold wallets in order to cope with market volatility.

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