As became known thanks to a report from Whale Alert, almost half a billion dollars worth of USDT stablecoin has just been transferred to the world's largest exchange, Binance. Such transfers are important, as in the common sense of crypto market participants they are seen as an act of a large cryptocurrency whale shifting free "crypto cash" to the major exchange to buy assets.
In the latest case, the wallet under the address "0xa7C" from which the transfer was made is unknown, according to the source. This could mean that the owner of the funds is indeed an unknown major investor.
Gamza KhanzadaevHowever, the deeper analysis, especially with the help of Arkham Intelligence data, makes it clear that the transfer was an internal operation of Binance, with funds moving from one cold wallet to another.
Thus, as it seems, there is no mystery and just the black-and-yellow crypto giant moving stablecoins among its wallets for whatever reason. However, this does not mean that market participants will interpret it as it is, and the report itself can still prompt some crypto enthusiasts to choose the bullish side of the market.
It remains to be seen if this will be the only major shift of USDT on Binance today, as the continuation of such transfers may signal that there is a bigger game going on behind the crypto scenes, and it was not just an internal operation of the exchange.
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Tomiwabold Olajide
Alex Dovbnya
Dan Burgin
Vladislav Sopov