The number of active USDT (Tether) addresses on the Ethereum blockchain recently reached a new high of 300,000 in the 30-day average, indicating a significant increase in on-chain activity. This rise is attributed to the decline in Bitcoin’s price, which failed to surpass the $92,000 resistance level. As a result, investors are turning towards other crypto assets, particularly USDT, for stability. USDT is a stablecoin pegged to the US dollar and is widely used as a source of stability in the crypto market. The increased activity of USDT on the Ethereum network suggests that funds are moving away from centralized exchanges towards DeFi protocols and self-custodied wallets. This trend highlights investors’ preference for financial autonomy and control, seeking safer and more flexible options amid market uncertainty. DeFi platforms offer financial services without intermediaries, facilitating easier trading, lending, and other financial activities in cryptocurrency. The growing USDT activity reflects the rising popularity of this sector, especially during periods of price instability in major cryptocurrencies like Bitcoin. In the coming days, if Bitcoin fails to stabilize its price, the popularity and usage of USDT and other stablecoins are expected to increase further. However, the prevailing market volatility may also lead investors to adopt a more cautious approach and diversify their portfolios.
Source: binance
