
Following the July 4 announcement of USDT delisting on @Revolut, weekly USDT volume jumped from a baseline of ~$250M to $474M, then peaked at $855M in the week ending July 13 - ~3.5 times the usual level of activity. In the three weeks following the announcement, Revolut customers transferred more than $1.8B in USDT. But by the end of July, volume had plummeted to $36 - $108M - 95% below the peak and the lowest figures recorded this year. Announcements of delistings do not lead to a gradual decline in activity. They trigger a short, intense period of migration - and then liquidity simply vanishes.