Crypto Hedge Funds Started Betting Against Tether

Cryptocurrency hedge funds are actively betting against tether (USDT) as the market has barely recovered from the UST drama. According to The Wall Street Journal (WSJ), traditional hedge funds with “hundreds of millions” have increased shorting USDT recently.

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Genesis’s Head of Institutional Sales, Leon Marshall, told the WSJ that there has been a “real spike in the interest from traditional hedge funds who are taking a look at tether and looking to short it.” He declined to elaborate on the matter though.

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As of press time, USDT’s market capitalization is at $66.8 billion, which makes Tether the largest stablecoin issuer on the market. Earlier in May, USDT plunged for a moment to $0.97 as Terra’s algorithmic stablecoin terraUSD (UST) lost 100%.

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