• USDT’s depegging incident rattles traders with significant market impact and increased activity.
• Despite the depegging, USDT maintains dominance with the largest market cap.

As per reports and various data sources, on 15 June Tether’s USDT experienced a significant detachment from its peg. Despite the diverse range of explanations to justify this depegging event, the consequences, as evidenced by multiple metrics, remained consistently impactful.

USDT depeg spooks traders

When news of the USDT depeg broke, several crucial metrics on Santiment revealed a negative market reaction through increased activity. Santiment’s Network Realized Profit/Loss metric highlighted significant instability for the stablecoin on 15 June.

It indicated a realized loss exceeding $2 million, reflecting a surge in traders and hodlers disposing of their tokens while the asset’s market value dipped. As of this writing, the situation had improved slightly, with a realized profit of approximately $753,000.

Additionally, the supply of Tether on exchanges experienced a decline following the depeg event. It dropped below 18.7%, marking a similar dip last observed in May 2020.

The exchange flow balance also surged, surpassing 120 million, indicating heightened unease among traders. However, as of this writing, the balance has reduced to around 4 million.

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Author: Suzuki Shillsalot

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