In just two days, millions of stablecoin were transferred to a gigantic whale wallet address.
A massive whale has acquired 14,683 ETH (or around 26 million USD) from Binance after moving 30.73 million Stablecoin USDC to Binance yesterday. 35.8 million USDT total was paid to Binance. In three transactions over the course of two days, this address transferred digital assets to Binance in the forms of USDC, ETH, and USDT. These transactions involved crypto assets worth over $100 million in total.
The whale explicitly made a significant deposit of 30.73 million USDC to Binance. In addition, the whale sent a substantial sum of money totaling over 14,700 ETH. In the end, the whale made a deposit of approximately 35.8 million USDT, which is a sizable quantity of money.
The identity of the whale and the purpose of these transfers are now unknown. Some commentators think the whale is a significant corporation or institutional investor. These transactions are exceptional and have aroused the interest of many in the cryptocurrency community, regardless of who the whale is.
Consumer interest in stablecoins like USDC and USDT has increased as a result of the USDC depeg event. On March 11, it was allegedly stated that a whale worth 63.84 million USDT was sold for one whale for 73.92 million USDC. A network observer has seen that a huge whale address that formerly held 120 million USDC is suddenly converting USDC to USDT. A loss of 6.14 million USD resulted from the exchange of 73.92 million USDC, this stablecoin's value, for 63.84 million USDT and 2755 ETH. There are still 45 million USDC at the address. The website is allegedly linked to the financial firm IOSG.
Although it is unknown why the whale address sold the USDC stablecoin at a loss, numerous hypotheses have been put forth. The whale address might have simply wanted to leave their predicament as soon as possible and was prepared to suffer a loss in order to do so. Another hypothesis is that the whale address was attempting to manipulate the market by first exiting at a higher price and then re-entering by selling a significant amount of USDC stablecoin to decrease the price.