USDT’s market cap is about $183.7B. That alone tells us little about DeFi demand.
BIS historical data show Ethereum issuance grew without a sustained rise in contract-held USDT. Even a smart-contract balance can represent custody or bridging.
Russia opens crypto exchange applications Oct. 5. Ordinary reviews allow 30 working days for exchanges and 60 for depositories, starting with complete documents.
These are decision windows, not trading launch dates. Retail asset rules remain separate.
Leveraged funds moved 1,599 contracts further net short in CME Bitcoin futures in the week to Sept. 22. Asset managers moved the other way, adding 411 contracts to their net long.
The funds’ shift represents 7,995 BTC-equivalent of futures exposure. It does not establish an outright bearish bet: the CFTC report does not show whether funds held offsetting Bitcoin or ETF positions.