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33.9 Million USDT Injected into Crypto Market by Institution, Here's What It Signifies

Wed, 11/10/2023 - 12:45
33.9 Million USDT Injected into Crypto Market by Institution, Here's What It Signifies
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Blockchain sleuth @lookonchain has spread the word that an anonymous financial institution has deposited a massive amount of USDT to major U.S.-based exchange Kraken.


Two wallets that @lookonchain believes to be controlled by the same owner withdrew 33.9 million USDC from Circle, and then, after converting them to USDT, transferred this crypto stash to Kraken.

Santiment on-chain analytics aggregator has also noticed increased on-chain activity taking place with USDT at the moment. The number of active wallets has reached a three-month peak; mainly this is happening thanks to an increase of USDT deposits made to crypto exchanges.

Ethereum Whales Dumping ETH Hard: Report

Aside from that, Santiment reports, crypto wallets holding between 1 million and 10 million USDT are actively purchasing stablecoins now. Both of these factors indicate potential interest in buying crypto with this USDT in the future, Santiment concluded.

Bitcoin and Ethereum, the two leading cryptocurrencies, are trading at a discount at the moment. Bitcoin has lost 2.75% since Monday, now trading at $27,161 per coin. The Ethereum price has lost 3.70% over the same period, exchanging hands at the $1,573 level at the time of this writing.




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