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$182 Million USDT Shifts to Mysterious 'Whale': Tether Treasury's Latest Move

2024/01/03 19:34

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A Deep Dive into Tether's Recent Transactions

A recent flurry of activity has been observed in the Tether Treasury. A colossal sum of $182 million in Tether (USDT) has been transferred to an entity referred to as a 'giant whale'. This information comes courtesy of LookOnChain, a tool adept at analysing web3 data.

The chronology of these transactions is intriguing. Commencing in mid-October, these movements have persisted into the new year. With this latest transaction, the cumulative amount sent to this 'Whale' is a staggering $2 billion in USDT.

The destination of these USDTs is Binance, a renowned cryptocurrency trading platform. The magnitude of these transactions has fuelled speculation among crypto enthusiasts. Many hypothesise that this unidentified 'whale' could be an institutional investor.

Despite these substantial transactions, Tether's value remains stable. USDT continues to trade at $1. This stability is noteworthy, especially considering a nominal 0.01% price drop in the past day, as per CoinMarketCap data.

Tether's position in the stablecoin market remains robust. It holds a commanding lead over its closest competitor, USD Coin (USDC). The market capitalisation of USDC is $24.79 billion, dwarfed by USDT's towering $92.1 billion.

In terms of trading volume within the last 24 hours, USDT is the preferred choice among investors. A volume of over $52 billion was recorded for USDT. In contrast, USDC and FDUSD recorded volumes of $6.3 billion and $3.5 billion, respectively.

This giant whale received 182M $USDT from #TetherTreasury again today and deposited it into exchanges.

The whale has received a total of ~2B $USDT from #TetherTreasury and deposited to #Binance since Oct 20!https://t.co/J6VcZ2QN6C pic.twitter.com/59dANE85Wd
— Lookonchain (@lookonchain) January 3, 2024

While these transactions are sizeable and have sparked discussions, Tether's market dominance and stability do not seem to waver. The identity and intentions of this 'whale' remain shrouded in mystery, adding a layer of intrigue to the ongoing narrative of cryptocurrency movements.

Whale

Tether

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