Bitcoin Spikes As 552 Million USDT From $2 Billion Tron-ETH Swap Flowing to Exchanges

Popular analytics provider Glassnode has detected hundreds of millions of USDT flowing into crypto exchanges.

The analytics team noted that this is part of the two billion USDT chain swap that has just taken place, sending coins from Tron's TRC20 to Ethereum's ERC20.

CryptoQuant data provider has reported the same data. Meanwhile, Bitcoin is soaring to $36,500.

552 million USDT sent to crypto exchanges

Earlier today, the CTO of Tether, Ltd, and Bitfinex shared that a transfer of two billion USDT had been planned by a customer to move a gargantuan stash of stablecoins from the Tron chain to Ethereum's ERC20.

The total USDT supply would not change, Ardoino promised, as two billion units of Tron-based USDT would be burned after that.

And now Crypto Quant tweeted that 552 million USDT had flown into crypto exchanges, renewing the all-time high. The Glassnode team, on their Twitter handle, specified that this was a quarter of the aforementioned chain swap.

Later, Paolo Ardoino tweeted that Tether had received a request to move another 200 million USDT from Tron to Ethereum, making it a whopping 2.2 billion USDT lost by Tron to Ethereum.

Related

Tue, 02/02/2021 - 13:48

BREAKING: MicroStrategy Adds Another $10 Million Worth of Bitcoin

Alex Dovbnya

Bitcoin soars as USDT hits exchanges

At press time, the flagship cryptocurrency is breaking up, trading at the $36,500 level. The aforementioned mammoth amount of Tether is likely to be used for Bitcoin as USDT is most often paired with Bitcoin and traders often enter BTC via Tether.

MicroStrategy grabs another $10 million worth of BTC

On Feb. 2, business software producer MicroStrategy, helmed by Bitcoin evangelist Michael Saylor, acquired another Bitcoin lump worth $10 million.

The company now holds 71,079 Bitcoins on its balance sheet, which equals $1.145 billion.