Ethereum-based USDT sees largest 3-month net outflow from exchanges

Ethereum-based Tether (USDT) recorded a net outflow of approximately $1.29 billion from exchanges on May 9, its largest in about three months, according to on-chain analytics firm Santiment. Santiment explained that when stablecoins move off exchanges, it suggests investors are reallocating funds to self-custody wallets, DeFi, or OTC markets rather than keeping them on exchanges for immediate purchases. The firm analyzed that such a large-scale outflow is typically characteristic of institutional or whale investors and likely represents a repositioning to build new positions rather than a complete exit from the crypto ecosystem.