Tether’s on-chain withdrawals spikes; what does this mean for Bitcoin?
This was evident with the outflows of Bitcoin from exchanges which coincided with the skyrocketing figures for stablecoin trading amidst the market chaos. Bitcoin trading into Tether USDT nearly tripled in March to 21.6 million BTC as opposed to 7.7 million BTC in February, meaning a surge of 182%.
According to the latest Skew charts, BTC Futures volume, as well as open interest OI, saw a surge. A similar positive trend was observed in the chart for Bakkt’s BTC Futures volume and OI.