Tether has printed another $ 240 million as demand for Bitcoin is booming

Bitcoin demand has skyrocketed recently as excitement about bitcoin halving increases. The short-term effects of the halving on the price of Bitcoin are controversial, but from a long-term perspective, it's undoubtedly an optimistic event as it reduces the cryptocurrency's annual inflation rate by 50%.

The increasing demand for BTC becomes clear when you look at the accumulation rates under the whales and can also be seen in the massive output of freshly minted tether (USDT).

Tether has just printed another $ 240 million

The so-called “tether printer” has long been seen by investors who invest in cryptocurrencies as an indicator of where Bitcoin could develop next.

Issuing USDT coins is not in itself a crucially bullish or bearish process, as it can also suggest that demand for stablecoin is simply rising as traders flee their volatile positions.

It can also mean that more money is entering the markets, as the growth of these stablecoins could be a sign of increased demand for Bitcoin and other cryptocurrencies.

Another USDT worth $ 240 million was printed yesterday, according to Whale Alert - a popular Twitter account that tracks large-scale movements in the crypto market.

Tether CTO Paolo Ardoino responded quickly to these tweets, stating that $ 120 million of the total $ 240 million spent was used to replenish the inventory. This is a sign that the demand for stablecoin is on the rise.

“PSA: USD 120 MILLION INVENTORY IS BEING REPLENISHED. NOTE THAT THIS IS AN AUTHORIZED BUT UNSPENT TRANSACTION, WHICH MEANS THAT THIS AMOUNT WILL BE USED AS INVENTORY FOR THE NEXT PERIOD'S SPENDING REQUESTS. ”

Although this isn't definitely bullish for Bitcoin in the near future, it is very likely that this money will ultimately be used for Bitcoin and other cryptocurrencies and act as a kind of war chest for the market.

The demand for Bitcoin is booming as the whales enter full accumulation mode

The massive increase in tether emissions is a sign of increased investor activity in the market, but another, more obvious sign of a bull run is the recent accumulation of bitcoin whales. Data from the Glassnode analysis platform show that 2020 was a year of BTC whale accumulation.

“THE NUMBER OF BTC WHALES CONTINUES TO GROW, REACHING 2-YEAR HIGHS - THE LAST TIME WE SAW SO MANY WHALES DURING AN ACCUMULATION PHASE WAS IN 2016. THIS BECOMES INTERESTING WHEN WE COMPARE IT TO THE LAST HALVING OF BITCOIN . ”