Whale Moves 1.3 Billion USDT to Exchanges After Crypto's 'Black Monday'
CryptoNewsTerminal Staff09 Aug, 2024
Whale Moves 1.3 Billion USDT to Exchanges After Crypto's 'Black Monday'
On-chain analytics firm Lookonchain reported that "1.3 billion USDT was moved from the Tether treasury to exchanges after Black Monday on Aug. 5." Inflows of USDT to exchanges are often interpreted as a sign that buyers are loading up on the stablecoin for purchases. This movement of USDT could indicate that whales are preparing to buy more cryptocurrency after the recent market sell-off. The price of Bitcoin and other cryptocurrencies has fallen sharply in recent weeks, but some investors believe that the market is now oversold and due for a rebound. If whales are indeed accumulating USDT, it could be a sign that they believe that the crypto market is undervalued and poised for a recovery.
