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318M USDT flow into Ethereum: Good news for ETH’s price?

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A substantial influx of USDT has been detected, originating from Tether and being directed towards exchanges within the Ethereum network.

According to Lookonchain’s data, over the past 18 hours, a significant amount of USDT, specifically 318 million dollars worth, has moved from Tether’s treasury wallet to exchanges on the Ethereum network.

While Ethereum is the dominant platform for USDT, other blockchains like Tron could also be used for the same purposes. This suggests other types of activity are picking up the slack. DeFi transactions, stablecoin swaps, or general token activity could be contributing to the steady gas usage.Even though activity on Ethereum was consistent, the price movement of ETH wasn’t showing signs of green. At press time, ETH was trading at $3,000.70 and its price had declined by 2.74% in the last 24 hours.

 

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