7 days ago 1 min read

Whales Moved $1B USDT From Cryptocurrency Exchanges

usdt-cypto currency exchange-whales

In the previous ten days, Santiment intercepted four $1 billion USDT transfers.
Whales left their USDT because of USDC instability.
After plunging to $19k last week, Bitcoin reached $26,500 in less than four days.

Santiment blocked four transfers totaling $1 billion USDT during the previous ten days.
Whales left their USDT owing to USDC instability.
In less than four days, Bitcoin reached $26,500 after falling to $19k the previous week.

Four of the largest transfers, took place in the past ten days alone, which caused a significant shift in the cryptocurrency market. The massive transfers of USDT were probably brought on by worries about the safety of USDC, another stablecoin, which recently disclosed having over $3 billion in exposure to a failed US bank.

However, other cryptocurrency aficionados contended that the crypto whales' large transactions show they were just trading their stablecoin positions for Bitcoin. (BTC). BTC dropped below $19k last Friday, In spite of this, the coin recovered in just four days to reach a nine-month high of $26,500 due to the US banking crisis and several bank runs.

Santiment said that a number of additional variables, including an increase in spot-driven buying, network expansion, and a drop in the value of the USD, could be responsible for the surge in the price of BTC. The data company also claimed that the widespread anxiety in the banking sector caused by the failure of three well-known US banks is a perfect setting for crypto maxis since it would increase the popularity of crypto.

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Coin Aquarium.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.