Lookonchain: The fall of Bitcoin below the $60,000 mark may be due to institutions halting stablecoin purchases

PANews reported on August 12, according to the on-chain analysis platform Lookonchain, Bitcoin's fall below the $60,000 mark today may be due to institutions halting their stablecoin buying spree. Institutions stopped receiving USDT from Tether Treasury and transferring it to exchanges two days ago.

Previously monitored on August 9, since the market crash on August 5, a total of 1.3 billion USDT has been transferred from Tether Treasury to exchanges.