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Following the rise fueled by the fake news claiming that the SEC has approved a Bitcoin ETF, which was then followed by a dip, BTC continues to show a strong performance compared to the rest of the crypto market. Experts believe that there is a high probability of further price increases for Bitcoin, considering the significant accumulation of USDT in the largest Tether wallets.
Whales on the Move to Accumulate USDT
According to on-chain data provider Santiment, the top 10 Tether wallet addresses currently hold 25% of the total USDT supply. These major Tether wallets have significantly increased their holdings during a period of increased activity in the crypto market. Santiment reported that the top 10 wallet addresses currently hold a quarter of the entire USDT supply and that Tether, the leading stablecoin issuer, has reached its highest on-chain transaction volume in the past two months.
In addition, Tether is facing an increase in on-chain activity, reaching the highest level of active wallet addresses in the past three months. This increase is mainly due to the rise in deposits made to various crypto exchanges. Bitcoin whales are also accumulating significant amounts of USDT.
High USDT Accumulation Could Trigger Bitcoin and Altcoin Rally
The increase in USDT accumulation is a positive sign for Bitcoin and altcoins, as it indicates an increase in purchasing power for investors. Experienced crypto researcher Crypto Researcher noted that historically, every $2 billion in USDT inflows corresponded to a 4% increase in Bitcoin’s price. In this context, if the ETF market provides a capital injection of $16 billion, Bitcoin’s price could potentially surpass $37,500.
The crypto analyst demonstrated that in the example above, Bitcoin saw a 10% increase due to unverified news even before an official statement from the SEC. In this scenario, a real approval from the SEC could have an even greater impact, potentially leading to a 20-30% rally, which would be a reasonable expectation. This could result in a flow of $16-24 billion into spot Bitcoin ETFs.
However, ETF analysts continue to remain optimistic about the SEC’s approval of a spot Bitcoin ETF. Discussions between the SEC and ETF issuers, as well as updates to the issuers’ applications, indicate an increased likelihood of the US federal regulatory agency approving a spot Bitcoin ETF.
