USDT Minting Reaches $16 Billion Milestone Since Bitcoin’s Peak, Boosts Market Liquidity and Whale Activity
The post USDT Minting Reaches $16 Billion Milestone Since Bitcoin’s Peak, Boosts Market Liquidity and Whale Activity appeared on BitcoinEthereumNews.com.
Tether Treasury’s recent USDT mints indicate a strategic liquidity movement in the crypto market. Whale transactions appear to be increasingly significant amid these liquidity injections. Recent trends show that Bitcoin and USD liquidity often move in synergy, influencing market dynamics. Examining the recent surge in USDT liquidity and its implications on the crypto market. Tether Treasury’s Recent USDT Minting Activities Within the last 13 hours, Tether Treasury minted a significant amount of USDT on Ethereum, totaling $1 billion. Notably, 183.2 million USDT were transferred to Cumberland for exchange deposits, as observed by SpotOnChain. Since the market downturn on August 5th, Cumberland has received approximately 953 million USDT from Tether, subsequently injecting around 906.7 million USDT into various exchanges including prominent names like Coinbase, Kraken, OKX, Binance, and Bullish.com. Integration with TON Blockchain Additionally, Tether has recently integrated USDT on the TON blockchain, pushing its market capitalization to an unprecedented high of $115.6 billion. This integration is part of a broader strategy that has seen roughly $16 billion in USDT mints since Bitcoin peaked at $74,000. This development is indicative of increasing whale activity on centralized exchanges, driven by the demand for seamless transaction capabilities. Heightened Whale Activity Following these minting and transfer operations, significant whale transactions have been noted. Whale identified as “0xbe6” withdrew 935.1 WBTC, valued at $55.6 million, from Binance at an average price of $59,451. Similarly, another whale known as “bc1qr” withdrew 1,500 BTC, equating to $89.1 million, from Bitfinex at a price of $59,393. These transactions underscore the growing influence of large holders in the market, as they react to and capitalize on the shifted liquidity landscape. Correlation Between Bitcoin and USD Liquidity Bitcoin and USD liquidity tend to exhibit a correlated movement. Notably, ETF flows have pushed Bitcoin prices higher this year despite initially low…
Filed under: News - @ August 15, 2024 6:22 am