Billions Set to Pour Into Bitcoin/Crypto?
Only someone living under a rock and unaware of what has been happening as of late in the cryptosphere wuld disagree that we are soon to see billions poured-into Bitcoin and cryptocurrency
Craziest Chart in Crypto Shows Billions of Dollars Set to Pour Into Bitcoin, Says Top Analyst
“Since 30th August, USDT expansion has been $5 billion – that’s [a] 50% increase… FIFTY – that 50% is greater than the ENTIRE USDT cap that took BTC to $14k last time… AND price retracted since by c. 10%. I don’t subscribe to Tether conspiracies, but I do subscribe to supply and demand.
This has to be the craziest chart in crypto right now. The positive correlation of Tether expansion / BTC appreciation in 2019 was quite something. In 2020 Tether has expanded from $4.1 billion to $15 billion – FIFTEEN.
There is little to suggest that constant expansion is for much other than [to] deploy into crypto – either directly to acquire funds, or to provide long side liquidity to make use of the attractive funding rates. The dollar is weak so I don’t buy into that being why either.”