Source: Cointelegraph Original: "{title}"

According to analysts, the on-chain activity of Tether has reached a six-month high, which may indicate that traders are preparing to re-enter the market.

Blockchain data platform Santiment shared data in a post on social platform X on March 12, showing that Tether's on-chain activity has been rising, peaking on March 11, when over 143,000 wallets conducted transactions, the highest level in six months.

Santiment stated, "When the activity of Tether and other stablecoins surges during price declines, traders are preparing to buy. Increased buying pressure helps cryptocurrency prices rebound."

Tether's on-chain activity has surged to a six-month high. Source: Santiment

This situation arises as Bitcoin (BTC) fell to a four-month low of $76,700 on March 11, with the entire cryptocurrency market's gains from the recent U.S. elections further shrinking due to macroeconomic uncertainties and the escalating trade war.

Vincent Liu, Chief Investment Officer of Kronos Research, stated in an interview with Cointelegraph that traders typically accumulate Tether during price declines to prepare for buying opportunities, adding that this buying pressure helps cryptocurrency prices rebound.

He speculated that the rise in Tether wallet activity likely reflects traders capitalizing on recent market volatility.

Liu noted, "Possible reasons include broader economic uncertainty, specific events in the cryptocurrency space, such as regulatory dynamics or changes in sentiment post-election, and Tether's role as a stable safe-haven asset, making it an ideal holding for investors looking to strategically allocate funds."

Liu described the surge in Tether activity as a bullish signal, indicating significant buying power is on the sidelines, but the recovery of the cryptocurrency market may depend on factors such as macroeconomic conditions, regulatory clarity, and investor confidence.

He said, "However, with February's inflation rate dropping to 2.8%, below expectations in recent Consumer Price Index (CPI) data, this may alleviate pressure on cryptocurrency prices and signal a more favorable environment."

Liu also added, "Additionally, the upcoming Federal Open Market Committee (FOMC) meeting on March 18 may provide further guidance on interest rates and monetary policy, which could impact market developments and recovery."

As a key indicator of Bitcoin and cryptocurrency sentiment, the Crypto Fear and Greed Index fell to its lowest level in over two years on February 26, further plunging into "extreme fear," with the index value dropping to 10.

Since then, cryptocurrency market sentiment has improved, but the index was still at 45 on March 13, remaining in the fear zone.

Tether CEO Paolo Ardoino's visit to the United States

Meanwhile, as lawmakers begin to regulate the cryptocurrency industry, Tether CEO Paolo Ardoino is currently visiting the United States.

In a speech at the Cantor Fitzgerald Global Technology Conference on March 12, he stated that currently, about 37% of Tether users use it as a savings account to store value.

Ardoino said, "They do not have bank accounts. The only thing they typically have in their lives is cash."

"Now they can finally hold the most widely used and important stablecoin in the world, which is the U.S. dollar, but they keep it on their smartphones as their savings account."

CEO of @Tether_to, @paoloardoino, speaks at Cantor's Global Tech Conference. #CantorTech https://t.co/2z8d46WDMG

Ardoino also stated that as concerns grow about the U.S. dollar potentially losing its status as the world's reserve currency and the preferred currency for international transactions and commodity trading, Tether is serving as "one of the last bastions of the dollar."

According to Ardoino, the stablecoin issuer has also been working to curb bad actors in the space, participating in over 170 law enforcement actions and freezing $2.5 billion in illegal funds. Related: Paxos CEO urges U.S. lawmakers to establish cross-border stablecoin regulatory framework.

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