According to CryptoBriefing, Tether (USDT) is now the most popular asset for buying Bitcoin. This suggests that the recent rebound is driven by existing investors rather than new cryptocurrency investors. Morgan Stanley pointed out in the report that the number of Bitcoin transactions against Tether has increased significantly. At the same time, BTC's transaction volume to popular legal tenders (such as RMB or US dollars) has decreased accordingly. Analysts say Tether's popularity has soared because its transactions are relatively easy and low-cost. Investors can easily swap Tether for other cryptocurrencies, faster and cheaper than through different asset classes. Another advantage comes from the ubiquity of Tether on the exchange, where USDT trades in almost every market. According to CoinMarketCap data, Tether has more than 400 trading pairs, and the second most ranked TrueUSD is only 165 pairs. The report emphasizes that institutional participation is increasing while retail investment is stagnating.