💸 Ethereum-based USDT has lost a net of 251,350 non-empty wallets in 11 days. According to our Sanbase Total Holders series, that’s the sharpest short-window contraction since the post-FTX aftermath in December 2022. 📉 USDT holder counts normally trend higher as stablecoin adoption expands. A quarter-million-wallet reversal this quickly is unusual, especially after years of persistent growth in Tether’s on-chain user base. 🧊 December 2022 was another period of extreme disruption. FTX’s collapse reshaped exchange trust, stablecoin activity contracted after the initial panic, and users rapidly changed where and how they held crypto. 🔎 The current decline points to a meaningful shift in Tether behavior. It doesn’t automatically mean USDT demand is collapsing, since holders can consolidate wallets or move activity elsewhere, but losing 251K funded addresses this quickly signals unusually aggressive repositioning. 🔗 Live Chart: https://app.santiment.net/charts/usdt-total-holders-32114?utm_source=x&utm_medium=post&utm_campaign=usdt_total_holders_b_091726&aff=3