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Tether Exchange Inflow Reached 8-Month High as Bitcoin Rallied to $11K

Published 07/28/2020, 03:09 PM
Updated 07/28/2020, 05:00 PM
Tether Exchange Inflow Reached 8-Month High as Bitcoin Rallied to $11K
BTC/USD
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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.

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