According to IntoTheBlock data, more than $1 billion of Tether stablecoin USDT was withdrawn from cryptocurrency exchanges yesterday, the largest single-day withdrawal since May. Analysts pointed out that the current price movement "feels very similar to the movement of bitcoin last year", when bitcoin traded sideways for two months after a sharp decline in August. Analysts at IntoTheBlock said: "Bitcoin began to decline shortly after USDT withdrawals exceeded $1 billion in history, indicating that investors may be taking a risk-off stance and moving funds to safer environments such as cold wallets to cope with market volatility."