Tether initiates a $100 million transfer to its “Tether Treasury” address.
Stablecoins command a massive 94% of the crypto market’s 24-hour volume.
In a surprising turn of events on October 2, 2023, prominent whale data collector Whale Alert reported two substantial Tether (USDT) transactions worth $50 million each, originating from renowned crypto exchange Bitfinex and directed towards the “Tether Treasury” address. These transfers took place within a span of just two minutes, fueling speculation about the stablecoin’s role in the crypto market.
The first transfer, valued at $50,039,125, occurred at precisely 9:43 am UTC, followed closely by the second transaction, worth $50,038,875, at 9:45 am UTC. The motives behind these transfers remain unclear, leaving the crypto community intrigued.
Notably, Over the past year, stablecoin reserves on exchanges have experienced a consistent decline, beginning around November 2022. However, crypto data collector Santiment revealed that exchange stablecoin holdings rose from 17.6% to 24.7%. This surge represents the highest level of stablecoin buying power seen in the last six months.
In another noteworthy development, the ten largest cryptocurrency addresses have substantially increased their USDT holdings. It witnessed a remarkable jump from $7.30 billion to $9.42 billion in just three months. This surge in stablecoin accumulation hints at renewed interest from institutional players and high-net-worth investors.
Moreover, as of now, the collective volume of all stablecoins stands at a staggering $38.73 billion. It constitutes a remarkable 93.89% of the total 24-hour trading volume in the crypto market. This dominance underscores the crucial role that stablecoins play in facilitating liquidity and stability within the volatile crypto space.