Quick Take
The circulating supply of USDT Tether is swiftly moving towards the 90 billion mark, currently standing at 89.6 billion. Over the last 30 days, there’s been an uptick of 4 billion in the circulating supply. This scale of month-on-month change is second only to March 2023, when the supply swelled by 8.5 billion.
Historical data analysis unveils a noteworthy correlation between USDT Tether’s circulating supply and Bitcoin’s price movement. In November, a 96% correlation was observed, marking one of the highest correlation levels this year. However, correlation is not a constant factor and can significantly fluctuate over time, even turning negative in some instances.
The data suggests a potential influence of USDT Tether’s circulating supply on Bitcoin’s price. As the circulating supply continues to expand, this influence could potentially become more pronounced, contributing significantly to the dynamics of the digital assets market.
The post USDT Tether supply edges toward 90 billion with potential influence on Bitcoin prices appeared first on CryptoSlate.
