1) Alright, time for some answers!
My brief explanation is roughly:
There's huge buy-side demand for USDT. It's coming from:
a) OTC flow, primarily from Asia
b) People selling BTC --> USDT to hedge positions
c) People selling BTC --> USDT to reduce risk
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2) This is related to changes in futures premiums, crypto sentiment, miner balance sheets, borrow/lend rates, and desire to move capital.
This demand drives up price and in turn supply, so people create.
A bunch of people pointed to parts of this, so I'll give out a few prizes:
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3) @king_ogboi USDT premium: twitter.com/king_ogboi/sta
OTC demand: twitter.com/tradeboicarti1
BTC --> USDT: twitter.com/bullishbtc/sta
quoting @genoplivning on OTC and transparency: twitter.com/bullishbtc/sta
This Tweet is unavailable.
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As Congress Pushes a $2 Trillion Stimulus Package, the “How Will You Pay For It?” Question Is
If Congress can do it "is Tether able to do it in Billions?😂"
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Congress Print $2 Trillion stimulus to Help American economy.
Feds Brrrrrr
Tether Print $2 Billion USDT stimulus to Help Crypto .
Tether Brrrrrrrrr
Sounds similar eh
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Damn so tether prints are actually bearish for BTC now (people exiting BTC) ?? never thought we will ever come to this!! 😢
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No. They are just holding usdt to buy Btc lower
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But the flow will always have to be from BTC to USD to USDT and if they are keeping the money parked in USDT and not withdrawing USDs, they definitely want to get back in any sign of healthy recovery in BTC, so not completely bearish!!
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Replying to
Yeah it's interesting! Another thing worth noting--margin USDT trading as driven some of this, and requires keeping it as USDT.
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