According to on-chain data, a whale started depositing $1 billion USDT he received from Tether into exchanges.
The upward mobility of the crypto market has increased the appetite of corporates and whales. In the last few months, some altcoins have seen heavy inflows. In particular, whales started to introduce the cash they have had for a long time (stablecoins such as USDT, USDC, etc.) into the crypto market.
In the crypto market, where bull expectations are intensified with Bitcoin spot ETF news, the movements of corporates and whales are closely followed. The movement of a whale caught Lookonchain’s attention. According to Lookonchain, the whale started transferring the USDTs it received from Tether to the exchanges.
Whale movement: Carried 1 billion dollars!
According to Lookonchain’s posts on the X platform, a whale wallet continues to deposit its 992 million USDT to OKX, Kraken and Coinbase. Balina has deposited nearly $300 million USDT into exchanges so far.
Whale first takes USDT’s assets from the Tether Treasury wallet and then transfers them to exchanges. It is unknown what the whale will do when it moves from decentralized structure to centralized exchanges.
This whale withdrew another 96M $USDT from #TetherTreasury and deposited it into #OKX, #Kraken and #Coinbase in the past 10 hours.
The whale has received a total of 992M $USDT from #TetherTreasury since Oct 20 and deposited it into exchanges.https://t.co/J7w5qIpmxA pic.twitter.com/o20X0cX4qZ
— Lookonchain (@lookonchain) November 21, 2023
The transfers reflected in the on-chain data and obtained by Lookonchain excited crypto investors. Whale received 992 million USDT from Tether as of October 20. It continues to transfer them to the stock markets.
The fact that the whale deposited small amounts of USDT to central exchanges made us think about the price movements that may occur in the coming period. Although the crypto market has been shaken by selling pressures in recent days, it is progressing without collapsing. Many altcoins are making significant gains.
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