• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Sunday, September 24, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

$1 Billion of USDT Is Sitting on Binance, and That’s Big for Crypto

5 September 2020
in Altcoin
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



Over the past few months, Tether’s USDT stablecoin has become increasingly important to the crypto market; the asset’s market capitalization has swelled as it has surged in adoption, now amounting for much of Ethereum’s network traffic.

Due to the growth, tracking the movement of USDT has given investors novel signals as to potential market trends. One such signal has seemingly appeared, with data indicating that leading crypto exchange Binance now holds a large sum of the stablecoin.

$1 Billion Worth of USDT is Sidelined On Binance

According to data shared by Jason Choi — a Wharton School graduate that is the Head of Research at crypto hedge fund The Spartan Group — there is now just shy of $1 billion worth of Tether “sitting on the sidelines on Binance alone.” This doesn’t count the other stablecoins that platform supports, including Binance USD, USD Coin, Paxos Dollar, and more.

Per the chart, this metric is up 1,000% from the mere ~$100 million worth of USDT on Binance at the $10,500 top in mid-February. A majority of the growth took place after the “Black Thursday” crash in the price of Bitcoin and other crypto-assets.

Why This Is Bullish for Crypto

While a relatively odd metric to keep track of, the exponential growth in the amount of USDT stablecoin sitting on Binance signals one thing: there is likely a rapidly growing level of latent demand for cryptocurrencies.

Considering that the growth of Binance’s USDT was relatively steady, not marked by large spikes indicative of a direct deposit by Tether, it would suggest individual investors are sending their stablecoin onto the exchange en-masse.

The reason: they’re likely waiting to unload their USDT for cryptocurrencies, be that Bitcoin, Ethereum, or otherwise.

Importantly, it isn’t only USDT that has seen rampant growth: the past few weeks have seen a broad resurgence in the total value of stablecoins in existence, with Nic Carter from CoinMetrics indicating that the total value of these assets has been on a steep rally.

“Stablecoins collectively tacked on over $2b in March 2020 – by far their best month ever. Nontether stablecoins grew by $500m.”

As it stands, the value of all stablecoins has passed $8 billion, or approximately 4.2% of the entire public crypto market:

The sentiment goes that the market will reach a point where these investors will want to dump their stablecoin holdings for Bitcoin, causing a rapid rally higher in the crypto market.

Su Zhu, CIO and CEO and hedge fund Three Arrows Capital, summed up this sentiment well when he made the following apt comment in early-2019, a time when there was a mere $2 billion worth of value locked up in stablecoins:

“Theres an estimated $2B in cash sitting at crypto funds/holdcos. Theres another $2B+ sitting in stablecoins, and another $2B sitting at exchanges/silvergate/signature. […] Imagine thinking we need new money to hit $10k.”

Theres an estimated $2B in cash sitting at crypto funds/holdcos. Theres another $2B+ sitting in stablecoins, and another $2B sitting at exchanges/silvergate/signature.

This is $6B fiat already onboarded to crypto to buy your bags. Imagine thinking we need new money to hit $10k.

— Su Zhu (@zhusu) February 18, 2019

Featured Image from Pexels.com





Source link

Related articles

Metis Provides Support for Users Affected by PolyNetwork Exploit While Improving Cross-Chain Structure

Metis Provides Support for Users Affected by PolyNetwork Exploit While Improving Cross-Chain Structure

14 September 2023
Wemix to Award Winner of Korean Golf Tournament With Crypto

Wemix to Award Winner of Korean Golf Tournament With Crypto

13 September 2023
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: BigBillionBinancecryptoSittingUSDT
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Nobody Interested in Working on Litecoin Protocol, Says Charlie Lee –

Next Post

Chainalysis Enables Coinfield Exchange To ‘Know Your Transaction’

Related Posts

Metis Provides Support for Users Affected by PolyNetwork Exploit While Improving Cross-Chain Structure

Metis Provides Support for Users Affected by PolyNetwork Exploit While Improving Cross-Chain Structure

14 September 2023
0

Layer 2 scaling solution Metis has announced a plan to compensate users affected by last month’s PolyNetwork bridge hack. The...

Wemix to Award Winner of Korean Golf Tournament With Crypto

Wemix to Award Winner of Korean Golf Tournament With Crypto

13 September 2023
0

The Wemix Korean Ladies Professional Golf Association (KLPGA) Championship winner will be awarded in Wemix’s cryptocurrency. The tournament will have...

Investors Share Insights on Which Altcoins Can Make Them Rich

Investors Share Insights on Which Altcoins Can Make Them Rich

13 September 2023
0

The crypto community has been discussing the potential altcoins that can make them “incredibly rich.” So what are the altcoins...

This Hong Kong Fund Could Deploy Over $50 Million on Altcoins

This Hong Kong Fund Could Deploy Over $50 Million on Altcoins

31 August 2023
0

HashKey Capital, a subsidiary of Hong Kong’s crypto juggernaut HashKey Group, is launching a fund on Friday with an unusual...

Despite SEC’s Legal Onslaught, These Altcoins Have Witnessed Resurgence in Trading Volume

Despite SEC’s Legal Onslaught, These Altcoins Have Witnessed Resurgence in Trading Volume

15 August 2023
0

In recent months, 19 cryptocurrencies, notably deemed unregistered securities by the Securities and Exchange Commission (SEC), experienced a dramatic dip...

Load More
Next Post

Chainalysis Enables Coinfield Exchange To 'Know Your Transaction'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • This Week on Crypto Twitter: 11,000 Venezuelan Soldiers Bring Down Jailhouse Bitcoin Mining Operation
  • Pay-to-use blockchains will never achieve mass adoption
  • Will $DOGE Price Recovery Hit $0.7

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$26,504.00-0.27%
  • ethereumEthereum(ETH)$1,588.93-0.18%
  • tetherTether(USDT)$1.000.01%
  • binancecoinBNB(BNB)$209.66-0.28%
  • rippleXRP(XRP)$0.51-0.17%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • staked-etherLido Staked Ether(STETH)$1,588.63-0.21%
  • dogecoinDogecoin(DOGE)$0.061153-0.43%
  • cardanoCardano(ADA)$0.245181-0.30%
  • solanaSolana(SOL)$19.510.42%
  • ToncoinToncoin(TON)$2.21-3.28%
  • tronTRON(TRX)$0.0840130.53%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • polkadotPolkadot(DOT)$4.030.10%
  • matic-networkPolygon(MATIC)$0.52-0.18%
  • litecoinLitecoin(LTC)$64.26-1.05%
  • shiba-inuShiba Inu(SHIB)$0.000007-2.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,462.00-0.55%
  • bitcoin-cashBitcoin Cash(BCH)$207.88-0.01%
  • chainlinkChainlink(LINK)$7.05-1.98%
  • daiDai(DAI)$1.000.00%
  • true-usdTrueUSD(TUSD)$1.00-0.03%
  • leo-tokenLEO Token(LEO)$3.77-1.78%
  • uniswapUniswap(UNI)$4.270.24%
  • avalanche-2Avalanche(AVAX)$8.910.30%
  • stellarStellar(XLM)$0.113390-0.42%
  • moneroMonero(XMR)$144.381.93%
  • okbOKB(OKB)$42.810.11%
  • binance-usdBinance USD(BUSD)$1.000.01%
  • ethereum-classicEthereum Classic(ETC)$15.21-0.23%
  • cosmosCosmos Hub(ATOM)$7.090.11%
  • hedera-hashgraphHedera(HBAR)$0.050330-2.51%
  • filecoinFilecoin(FIL)$3.240.15%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • crypto-com-chainCronos(CRO)$0.0507900.48%
  • internet-computerInternet Computer(ICP)$2.95-0.20%
  • lido-daoLido DAO(LDO)$1.48-0.87%
  • quant-networkQuant(QNT)$89.09-1.96%
  • MantleMantle(MNT)$0.3965961.23%
  • AptosAptos(APT)$5.405.23%
  • vechainVeChain(VET)$0.016690-1.74%
  • makerMaker(MKR)$1,275.91-0.66%
  • nearNEAR Protocol(NEAR)$1.11-0.39%
  • ArbitrumArbitrum(ARB)$0.82-0.43%
  • optimismOptimism(OP)$1.28-0.93%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.0475674.75%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,725.78-0.25%
  • aaveAave(AAVE)$62.42-0.65%
  • BSCEXBSCEX(BSCX)$237.190.34%