Since the beginning of the week, there has been an unusually high number of large Tether (USDT) transfers to cryptocurrency exchanges.
With the overall cryptocurrency market witnessing a dramatic recovery last week and still holding strong even now, it appears that several more whales are looking to get in on the action.
Utilizing Tether to Make Big Money Moves
Most recently, almost 16 million USDT-TRON was transferred to Binance from an unknown wallet, whereas six million USDT-ERC20 was sent to Bitfinex from another unknown wallet. Although both of these transfers can be considered significant whale movements, they are both dwarfed by an earlier transaction, which moved almost 40 million USDT-TRON to Binance.
— Whale Alert (@whale_alert) October 28, 2019
These are just the most recent in a series of significant whale movements in the past week. Earlier this week, BeInCrypto reported that a staggering $134 million had been moved between BTC wallets just a day before the cryptocurrency market witnessed one the largest rallies in its history.
Likewise, heaps of new Tether were minted in the last week, indicating those with significant buying power are looking to enter the market in a big way.
It Might Not Be Bitcoin They Want
In the last week, Bitcoin has seen its market capitalization climb from just $148 million, up to a peak of almost $180 million, before cooling off back its current value of $169 million — equivalent to a weekly gain of 14.2%
Although gaining 14.2% in a week is impressive enough, several other major digital assets have experienced what can only be described as meteoric growth this past week. One of the biggest overall gainers was NEO, which gained an incredible 57% in the last week following news that Chinese President Xi Jinping would be pushing for serious blockchain innovation in China.
Besides NEO, several other cryptocurrencies with links to China have witnessed a similarly remarkable price explosion. Ontology (ONT) returned to life on Oct 25 gaining more than 60% in the past week. Likewise, Tron (TRX) also witnessed a significant rally beginning the same day, gaining well over 30% and reclaiming its position as the tenth-largest cryptocurrency by market capitalization.
Understandably, any whales looking to enter the cryptocurrency market are likely looking to get the best bang for their buck. As such, this week’s best movers might be in for a further cash injection.
Author’s Note: It should be noted that large Tether (USDT) movements to and from cryptocurrency exchanges may not always be associated with trading activity. Instead, some of these transactions could be the result of a chain swap, whereby USDT holders move their balance from one blockchain to another, e.g. exchanging USDT-ERC20 to USDT-TRON. This is not always immediately clear in some cases.
Images courtesy of Twitter.
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