Crypto influencer Doctor Profit, who has over 217k followers on social media X (former Twitter), posted his views on what Tether is doing to prepare for an epic bull run.
He stated “Tether printed alone this week more than $2b in USDT and pumped it right into the wallets of BitFinex exchange.” This indicates that Tether is aggressively pumping stablecoin reserves into major exchanges in anticipation of increased trading volume.
Source: LookOnChain
So what exactly is Tether doing and how will this likely impact cryptocurrency markets? As the most widely used stablecoin in the world, Tether plays a crucial role in facilitating a large portion of crypto trading. By injecting billions more USDT directly onto BitFinex, one of the largest crypto exchanges, Tether appears to be undertaking direct actions to ensure liquidity will be sufficient to absorb huge trading demand.
Doctor Profit went on to say “I can clearly tell you that Tether is preparing itself for the biggest bull run in human history, and which is coming in the next few months after halving.” He is referring to the upcoming Bitcoin halving in April 2024, which will cut Bitcoin’s block reward in half and reduce new supply entering the market. Historically, this supply shock has acted as a catalyst for dramatic bull markets.
By massively increasing USDT reserves on major exchanges now, Tether seems to be taking strategic steps to avoid any liquidity issues that could hamper massive trader-fueled price rises.
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In summary, Tether’s recent minting and direct deposit of billions worth of stablecoins appears aimed at making sure the largest crypto trading platforms will have ample funds for traders and investors to turn fiat into cryptocurrencies.
This preparation aligns with predictions that the upcoming Bitcoin halving will spark an epic bull market the likes of which have never been seen before. It remains to be seen if Tether has truly accounted for the unprecedented volumes that could flow through exchanges during such a parabolic price boom.
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