Report: Tether supply slowdown shows crypto market cooling
According to Copper's report, as of June 24th, the monthly supply growth of Tether (USDT) was less than 1.5%, significantly lower than the over 5% growth in April and May. The trading volume of USDT decreased from a historical high of $767.2 billion on March 11th to $53.5 billion on June 24th. With a market value of $113 billion, the slowing supply growth indicates a decrease in funds flowing into the cryptocurrency market.
In addition, the daily outflow from the Bitcoin market has recently increased significantly, with over $540 million flowing out last week. Over the past 30 days, the price of Bitcoin has dropped over 10%, from $68,000 to $62,000.
Macroeconomic pressures are also affecting the cryptocurrency market. ETC Group's report points out that the downward revision of global growth expectations and the increasing risk of a US economic recession may continue to pose challenges to the price of Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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