Cryptocurrency exchange Bybit has reported a 17.8% increase in USDT holdings as of July 10, marking a rise of 433 million USDT since June 6. This surge reflects a growing interest in stablecoins among crypto investors.
The report also highlighted a substantial 400% increase in USD Coin (USDC) deposits, while holdings in the algorithmic stablecoin DAI decreased by 33%. In contrast, Bitcoin (BTC) and Ethereum (ETH) saw modest gains of 5.62% and 0.46%, respectively.
Ki Young Ju, CEO of CryptoQuant, noted that the stablecoin market cap reached an all-time high earlier in July, with USDT comprising 70% of the total market. Although current liquidity levels are not expected to significantly impact price movements, this trend is noteworthy given the market conditions.
This shift in investor behavior suggests a strategic reallocation towards more stable assets, indicating a cautious approach amid fluctuating crypto markets.
