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Sujit Kumar
Nov 21, 2023
by Sujit Kumar

Whale Moves 96 Million USDT from Tether Treasury to Exchanges Amid Ongoing Activity, Dominance

96 Million USDT
Lookonchain, the on-chain activity monitoring platform, reported on X that a significant player withdrew an additional 96 million Tether (USDT) from the Tether Treasury. After the withdrawal, the funds were swiftly transferred to major exchanges such as OKX, Kraken, and Coinbase.

The platform highlighted that this specific whale has received a substantial sum of 992 million USDT from the Tether Treasury since October 20, depositing the entirety onto various exchanges. Interestingly, this latest withdrawal occurred just four days after the whale's previous transaction.

Whale's Tether Movements: Minimal Impact on USDT Value

Lookonchain previously noted that the same whale received 49 million USDT from the Tether Treasury, subsequently sending it to Kraken and Coinbase. Another transaction involving the whale took place earlier, with the individual receiving 30 million USDT, coincidentally just hours before the Tether Treasury minted an additional 1 billion USDT.

Despite these sizable withdrawals, Tether's value remained pegged to the Dollar, maintaining its $1 valuation at the time of reporting. Over the last 24 hours, USDT experienced a minimal 0.01% drop.

Additionally, USDT continued to dominate the stablecoin market, boasting a combined market cap exceeding $88 billion, in stark contrast to USD Coin (USDC), which held a market cap of $24.51 billion.

Traders and investors overwhelmingly chose USDT for their transactions, constituting 90.10% of the total trading volume in the market over the past day, with USDT's trading volume reaching $40.8 billion.

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Tether Exchanges 5 million usdt
Whale Moves 96 Million USDT from Tether Treasury to Exchanges Amid Ongoing Activity, Dominance
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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