• USD transaction climbed over $5 billion as large wallets accumulated.
• Large wallet accumulation moved close to 25%, with the top 10 wallets holding a quarter of the supply.

The false report of a Bitcoin [BTC] ETF approval had a notable impact on the cryptocurrency community, causing ripples of concern. Tether [USDT], too, experienced a significant effect, with recent data indicating a noticeable increase in a critical metric. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

USDT top wallets increase accumulation

On 16 October, the circulation of false information regarding the approval of a Bitcoin spot ETF triggered notable spikes in several key metrics related to Tether’s USDT that hadn’t been observed for several months.

According to data from Santiment, this news spurred increased accumulation by the largest wallets. 

Furthermore, it caused a surge in the on-chain transaction volume of the stablecoin, with the Transaction Volume surpassing $5.6 billion. This marked the highest Transaction Volume for USDT since August. As of this writing, the Transaction Volume remained above $5.5 billion.

Additionally, the misinformation led to a considerable in

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Author: Adewale Olarinde

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