33.9 Million USDT Injected into Crypto Market by Institution, Here's What It Signifies

10/11/2023 19:45

Report shared by blockchain sleuth shows that financial institution has just deposited massive amount of USDT on leading crypto exchange

Blockchain sleuth @lookonchain has spread the word that an anonymous financial institution has deposited a massive amount of USDT to major U.S.-based exchange Kraken.

Two wallets that @lookonchain believes to be controlled by the same owner withdrew 33.9 million USDC from Circle, and then, after converting them to USDT, transferred this crypto stash to Kraken.

Santiment on-chain analytics aggregator has also noticed increased on-chain activity taking place with USDT at the moment. The number of active wallets has reached a three-month peak; mainly this is happening thanks to an increase of USDT deposits made to crypto exchanges.

Aside from that, Santiment reports, crypto wallets holding between 1 million and 10 million USDT are actively purchasing stablecoins now. Both of these factors indicate potential interest in buying crypto with this USDT in the future, Santiment concluded.

Bitcoin and Ethereum, the two leading cryptocurrencies, are trading at a discount at the moment. Bitcoin has lost 2.75% since Monday, now trading at $27,161 per coin. The Ethereum price has lost 3.70% over the same period, exchanging hands at the $1,573 level at the time of this writing.

About the author

Yuri Molchan

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 [email protected].