Lookonchain: Bitcoin falls below 60,000 possibly due to institutions halting stablecoin purchases

ChainCatcher news, according to on-chain analysis platform Lookonchain, Bitcoin's drop below the $60,000 mark today may be due to institutions halting their stablecoin buying frenzy. Institutions stopped receiving USDT from Tether Treasury and transferred it to exchanges 2 days ago.

Previously, on August 9, it was monitored that since the market crash on August 5, 1.3 billion USDT has been transferred from Tether Treasury to exchanges.