A leading crypto analyst says the rapid expansion of one of the largest digital assets by market cap is a remarkably bullish sign for Bitcoin.
The highly-cited pseudonymous analyst, known in the industry as Filbfilb, says the $10.9 billion rise of Tether (USDT) in 2020 suggests traders are storing their capital in the dollar-pegged stablecoin as they prepare to buy BTC.
The analyst notes USDT expansion – which has been on the rise since the coronavirus-related market crash in March – has historically preceded Bitcoin price increases. And Tether has expanded massively in the past month alone, he says.
“Since 30th August, USDT expansion has been $5 billion – that’s [a] 50% increase… FIFTY – that 50% is greater than the ENTIRE USDT cap that took BTC to $14k last time… AND price retracted since by c. 10%. I don’t subscribe to Tether conspiracies, but I do subscribe to supply and demand.