Lookonchain: Bitcoin fell below the $60,000 mark due to institutions stopping stablecoin purchases

According to on-chain analysis platform Lookonchain, Bitcoin fell below the $60,000 mark today, possibly due to institutions halting their stablecoin purchases. Institutions stopped receiving USDT from Tether Treasury two days ago and transferred it to exchanges. Previously, on August 9, monitoring showed that since the market crash on August 5, 1.3 billion USDT has been transferred from Tether Treasury to exchanges.