The surge in the cryptocurrency market has seen Bitcoin reclaim the $28,000 mark and gain over 5% in the past week. Notably, Tether, the largest stablecoin in the market, has witnessed a significant increase in its transaction volume, reaching a two-month high. The transaction volume surged from $12 billion to $47 billion within a day.

On-chain data provider Santiment reported that the top 10 Tether wallets collectively hold 25% of the total USDT in circulation. These wallets have shown signs of substantial accumulation in the past day, marking the highest level since March. Wallets are holding approximately $5.55 billion in USDT, and the on-chain transaction volume has surpassed $5.6 billion, the highest since August.

Tether has also observed a boost in the number of active addresses, reaching a three-month high. This accumulation of USDT is considered a positive sign for the broader cryptocurrency market, indicating investors’ buying capacity. Some experts have suggested that every $2 billion inflow of USDT into the market correlates with a 4% increase in the price of Bitcoin, potentially leading to a significant price surge if this trend continues.

The recent events surrounding the potential approval of spot Bitcoin ETFs highlight their importance, as they could have a substantial impact on the market, possibly resulting in a 20%-30% price increase. Analysts are optimistic about the approval of spot Bitcoin ETFs, which is awaited with anticipation.

As of the current moment, Bitcoin is trading around the $28,400 mark with a market cap of over $554 million, while the global cryptocurrency market cap stands at $1.09 trillion. The Fear and Greed index for the market indicates a neutral sentiment. Additionally, the month of October, often referred to as “Uptober” due to its bullish historical performance, coincides with the 9th anniversary of the first stablecoin, Tether (USDT). These developments suggest positive news for Tether during its birthday month.