Bitcoin Rises Without Fresh Tether Issuance, Signaling Shift in Market Structure
Summary
- Bitcoin has continued to rise recently without an increase in new Tether (USDT) issuance.
- The analysis said sharp BTC gains from late 2024 through most of 2025 were closely linked to rising USDT issuance.
- More recently, the rally has continued without new stablecoin inflows, a sign the market may be stronger and more sustainable than before.
Forecast Trend Report by Period
Bitcoin has continued to climb without a recent increase in newly issued Tether, in a sign that market structure may be shifting.
On May 11, on-chain analyst Maartunn wrote on X, formerly known as Twitter, that Bitcoin had extended its gains over the past few days even as new USDT issuance remained quiet.
The past two weeks of gains were backed by large-scale Tether issuance, he wrote, but this time is different.
Crypto Basic said Bitcoin's sharp rally from late 2024 through most of 2025 was closely tied to growth in USDT issuance.
In the past, fresh liquidity often arrived just before Bitcoin rose or during the advance itself.
More recently, however, the cryptocurrency has kept climbing without new stablecoin inflows. That could signal the market is stronger and more sustainable than before.
Markets are watching for a potential change in the relationship between stablecoin liquidity and Bitcoin price moves. Institutional inflows and on-chain liquidity trends are emerging as key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.