The growth of stablecoin's market cap and circulating supply has been one of the best indicators for attaining a general pulse on how participants in the market are feeling during bullish and bearish times.
Monitoring the Tether (USDT) treasury for large issuances was a common tactic used by analysts and traders to position themselves for a possible pump in the price of Bitcoin (BTC) and altcoins and previously this has been a good source of alpha for those willing to take a risk.