USDT Inflows and Bitcoin Price: Correlation or Causation? CryptoQuant Analysis
- USDT inflow spikes in January, April, and June correlate with Bitcoin price movements.
- Bitcoin rose 33% in January and $10,000 in April.
- CryptoQuant’s report highlights the influence of stablecoin flows on Bitcoin.
USDT transaction inflows in 2024 show a correlation with Bitcoin price movements, according to a report from CryptoQuant. USDT’s transaction chart displays notable spikes in inflow in early January, late April, and late June, signaling significant exchange activity.
Bitcoin also demonstrated a similar price movement during these periods, maintaining a strong upward trend until mid-April. However, this rally was immediately followed by a consolidation phase and a slight decline.
In early January, USDT experienced increased transaction inflows, reaching a daily average of approximately 1,000 on-chain activities. Following this spike, Bitcoin’s price rose from $30,000 to $40,000 by mid-January, a 33% increase.
On April 1, USDT recorded another spike in transaction inflow, surpassing 500 daily on-chain activities. As expected, Bitcoin’s price followed suit, climbing from around $55,000 before the spike to around $65,000 in mid-April. This trend…
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