According to on-chain data, a whale has started depositing the $1 billion worth of USDT (Tether) it acquired into exchanges.
The upward movement in the crypto market has stimulated the appetite of institutions and whales. In recent months, significant inflows have been observed in some altcoins. Particularly, whales have started bringing cash they have held for a long time (USDT, USDC, etc. stablecoins) into the crypto market. In the crypto market, where bullish expectations have intensified with the news of Bitcoin spot ETFs, the movements of institutions and whales are closely monitored. One whale’s movement has caught the attention of Lookonchain. According to Lookonchain, the whale has started transferring the USDT it acquired from Tether to exchanges.
Whale movement: Carried 1 billion dollars!
A whale wallet continues to deposit the 992 million USDT it holds into OKX, Kraken, and Coinbase, according to posts on Lookonchain’s X platform. The whale has deposited nearly 300 million USDT into exchanges so far.
The whale first acquires assets from the USDT’s Tether Treasury wallet and then transfers them to exchanges. It is unknown what the whale will do after moving from a decentralized structure to centralized exchanges.
The transfers reflected in on-chain data and obtained by Lookonchain have excited crypto investors. As of October 20, the whale has received 992 million USDT from Tether and continues to deposit them into exchanges.
The whale’s gradual deposits of USDT into centralized exchanges raise speculation about potential price movements in the coming period. Despite recent selling pressures in the crypto market, it continues to move forward without collapsing, with many altcoins experiencing significant uptrends