3 Whales Move $278 Million USDT to Exchanges, Signaling Potential Market Volatility

IconCryptoNewsTerminal Staff16 Jul, 2024

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3 Whales Move $278 Million USDT to Exchanges, Signaling Potential Market Volatility

Three major cryptocurrency addresses, believed to belong to whales or institutional investors, have deposited a combined 278.7 million USDT into exchanges today, according to on-chain data analytics provider Lookonchain. - Crypto market maker Cumberland withdrew 80 million USDT from the Tether treasury and distributed it across Kraken, Coinbase, and OKX. - Two anonymous addresses withdrew 111.7 million USDT and 87 million USDT from the Tether treasury, respectively, and deposited them into Kraken and Binance. These significant inflows of USDT into exchanges indicate that these entities are either preparing to sell their holdings, potentially leading to downward pressure on cryptocurrency prices, or are positioning themselves to take advantage of potential market volatility. Traders and investors should closely monitor these large transactions and the overall market conditions to make informed decisions about their own strategies.

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