Active addresses for Ethereum-based USDT have reached a new 30-day moving average high of 300,000, indicating heightened on-chain activity. According to NS3.AI, this increase in activity aligns with Bitcoin's inability to break the $92,000 resistance level, leading to a drop in its price. The rise in Ethereum-based USDT activity is attributed to the movement of funds into DeFi protocols and self-custody wallets on the Ethereum network, rather than centralized exchanges.

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