According to the new data shared by the on-chain market intelligence company Glassnode, the total number of exchange withdrawals of the stablecoin Tether (USDT) has recorded a new 5-month low. Glassnode data shows that the USDT number of exchange withdrawals moved down to a low of 1,160.833.
Glassnode has shared a chart that clearly illustrates that in the past 5 months, a significant drop has been noticed in the amount of Tether (USDT) withdrawn from cryptocurrency exchanges.
This is the new 5-month low for the Tether stablecoin in terms of exchange withdrawals. The previous five-month low for USDT was 1,164.208 which was noted on the 4th of May in 2020 by Glassnode.
This on-chain metrics data shows that withdrawing activity on the part of users of the Tether stablecoin has been very less during the past five months.
Probably, the reason behind this might be the one that the staking of Tether (USDT) is supported on various cryptocurrency exchanges and the holders of USDT have not withdrawn their coins from their accounts on those exchanges in a bid to earn interest on their holdings.
Commenting on this on-chain metric data, Glassnode said:
“The total count of transfers from exchange addresses, i.e. the number of on-chain withdrawals from exchanges. These metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.”
Currently ranked at the third spot, Tether (USDT) is considered as the most famous stablecoin at the moment in the industry. The year 2020 has been the year of the Tether stablecoin. Most of the trading pairs are available against USDT on several digital currency exchanges.
USDT Number of Active Addresses also drops
Moreover, Glassnode has reported that the total number of active addresses of Tether (USDT) has also dropped within the duration of the last 24 hours. It is now down 12.6% from 7,418.062 and is currently standing at 6,482.167.
On the other hand, Tether’s price is not doing well at the moment in the cryptocurrency market. According to the data from CoinMarketCap, the price value of USDT is standing at $1.00 with a change rate of -0.02% in 24 hours. The price is trading at this mark for the past few weeks.