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813 Million USDT Moved to Exchanges on Monday – Are Whales Grabbing Bitcoin Dip?

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Tue, 05/11/2021 - 08:05
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Yuri Molchan
386 million USDT got moved to crypto exchanges in just ten minutes, followed by 427 million in a few hours as whales likely were after Bitcoin
 813 Million USDT Moved to Exchanges on Monday – Are Whales Grabbing Bitcoin Dip?
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Charts provided by the popular analytics company Glassnode show that whales have sent 386 million USDT to crypto exchanges in merely ten minutes and after a short break, it was followed by 427 million USDT.

Whales deposited 813 million USDT to buy Bitcoin

Glassnode charts shared by Moskovski Capital CIO show that two gargantuan amounts of USDT were sent to crypto exchanges on Monday – 386 million and then 427 million stablecoins.

The first batch was deposited merely within ten minutes.

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Similar charts were shared by Glassnode in April, when 476 million and 2.37 billion USDT were send to exchanges by cryptocurrency whales.

USDT is the most popular stablecoin and it is often used for purchasing Bitcoin.

Related
Whales Grab Bitcoin Dip as 2.37 Billion USDT Deposited to Exchanges on Friday

Bitcoin is back to the $55,000 area

As reported by U.Today earlier, long-term holders and miners have also been accumulating large amounts of the flagship digital currency, now that it is still consolidating near the $55,000 level.

Bitcoin has been pretty volatile recently. Since May 5, the largest crypto has managed to rise from the $53,000 mark to hit the $58,000 zone.

It then went back to $55,000 and after going up and down to $57,000, it managed to test $59,300 but failed to rise higher and returned to the $54,866 price line as per the data from CoinMarketCap.

At the time of writing, king crypto is exchanging hands at $55,648.

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Image via CoinMarketCap
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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.