Tether (USDT) exchange inflow has recently spiked to its highest level in the last 8 months, according to data from on-chain data provider Glassnode. Exchange inflows for the stablecoin reached a 2020 high yesterday as Bitcoin (BTC) soared to $10,270, although BTC has since continued on its rally, currently sitting at $11,000.
While research firms have found that there is an inverse correlation between the USDT held on exchanges and the price of Bitcoin, the inflow can also be considered as a bullish sign for Bitcoin as USDT is the fastest and most popular way to acquire Bitcoin.