Bitcoin Extends Rally Without Fresh USDT Issuance

Bitcoin has continued to climb without a recent increase in newly issued Tether, or USDT, in a development that may point to a shift in market structure.

On May 11, on-chain analyst Maartunn wrote on X that Bitcoin had kept rising over the past few days even as new USDT issuance remained subdued.

He added that the rally over the previous two weeks had been backed by large-scale USDT issuance from Tether, but said the latest move was different.

Crypto Basic said Bitcoin's sharp gains from late 2024 through most of 2025 were closely linked to rising USDT issuance.

In the past, new liquidity often appeared just before Bitcoin advanced or during the rally itself.

More recently, however, Bitcoin has kept rising without fresh stablecoin inflows, which Crypto Basic said could signal the market is stronger and more sustainable than before.

Market participants are watching for a possible change in the relationship between stablecoin liquidity and Bitcoin's price moves. Institutional inflows and on-chain liquidity trends are expected to be key variables going forward.