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Tether USDT

Here Are The Facts On-Chain Data Reveals About Tether’s Depeg

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Tether (USDT)
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The largest stablecoin in the cryptocurrency, Tether (USDT), recently lost its $1 peg. Here are some facts that on-chain data reveals about this event.

Several On-Chain Indicators Spiked While Tether Suffered A Depeg

In the past couple of days, USDT became decoupled from its $1 peg as the stablecoin’s value plunged to $0.996. Since then, however, the asset has seen some recovery, although the $1 peg is yet to be regained as Tether still trends under $0.999.

While this isn’t the first time that the largest stablecoin by market cap has observed destabilization, it’s natural that this depegging event has still led to the emergence of fresh FUD in the market.

In a new post, the on-chain analytics firm Santiment has looked at how this USDT drop has reflected on the on-chain side of things. The first metric that’s of relevance here is the “trading volume,” which is simply a measure of the total amount of Tether that investors are shifting on the blockchain currently.

Here is a chart that shows how this metric’s value has changed recently:

Tether Trading Volume

The value of the metric seems to have been quite high in recent days | Source: Santiment

As displayed in the above graph, the Tether transaction volume shot up to a 3-month high of $10 billion during this event, meaning that investors were moving around a large amount of the asset on the chain.

Related Reading: Bitcoin Dominance Spikes To 47.6% As Holders Ditch Altcoins For BTC

Another metric, called circulation, measures the unique number of tokens that are being moved. From the below chart, it’s visible that this indicator has also rapidly risen to a high of 2.39 billion.

Tether Circulation

Looks like this metric has also been high recently | Source: Santiment

Interestingly, this trend would suggest that each of these Tether tokens would have been moved an average of approximately five times during the depegging, implying that the constant movements of the same investors may have been behind a big part of the extraordinary trading volume.

As one may expect, there looks to have been a lot of panic selling in the market during the plunge, as the data of the network realized profit/loss, a metric that tells us about whether investors are selling/moving their coins at a profit or at a loss, would suggest:

Tether Realized Loss

The metric's value has observed a deep red spike | Source: Santiment

From the chart, it’s visible that the indicator’s value has observed a highly negative spike recently, implying that investors have been moving their coins at a loss. It would appear that many holders got scared very quickly and ditched the stablecoin as soon as they saw it dip.

Related Reading: Bitcoin Challenges Gold’s Dominance: Will The Crypto Asset Reign Supreme?

“All of this said, traders will want to keep a close eye on this Tether story,” says Santiment. “Oftentimes, one depegging of a highly popular stablecoin is followed by a series of future ones. Especially when the topic of solvency begins to come into the picture.”

USDT Price

At the time of writing, Tether is trading around $0.998, down 0.1% in the past week.

Tether USDT Price Chart

The stablecoin appears to have made some recovery | Source: USDTUSD on TradingView
Featured image from DrawKit Illustrations on Unsplash.com, charts from TradingView.com, Santiment.net
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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