If you have been aware of the Whale Alert reports you will have noticed that there is a constant and significant activity of crypto whales regarding USDT. So in this article we want to draw some conclusions about why this is happening. Are Bitcoin whales buying USDT?
As many know, Tether is ranked as the third largest cryptocurrency by market cap, close to $ 9.169 billion. Therefore, understanding what happens when there are these types of massive transactions is necessary to understand what could happen with other cryptocurrencies.
Summary of crypto whale activity with USDT
Since July 19, Whale Alert has not stopped posting one trade after another with USDT. In total, we found 21 transactions with this cryptocurrency. The interesting thing is also the quantities and the sense in which they have been made.
Seeing it with the naked eye, they seem like a lot of big unrelated operations. But the truth is that there is a pattern in which the ultimate goal seems to be to bring USDT from Huobi to Bitfinex. The trades have been done in groups of two or three, in which the observed pattern is to pass cryptocurrencies from Huobi to unknown wallets, collect it, and then send it to Bitfinex.
This pattern was observed eight times in the last 24 hours. Thus, 99,999,700 USDT have entered Bitfinex for approximately 15 hours.
Joe007, a prominent Bitcoin whale who is known for posting provocative tweets and making big bets on Bitfinex, gave an idea of what may be happening. According to this whale, retail investors are buying BTC in a context of “hype” for a possible new move in the crypto space.
Furthermore, in Whale Alert The last transaction registered with Bitcoin was one for 1,750 BTC (15,864,324 USD) from Bitstamp to an unknown wallet, yesterday. Perhaps the BTC movement is precisely on the retail side and not on the whale side, based on Whale Alert reports.
Thus, it cannot be claimed that Bitcoin whales are selling their cryptocurrencies to buy USDT. What can be said is that perhaps some whales are preparing to buy USDT to exchange it for BTC, particularly through Bitfinex.
We know that many times the movements with the USDT / BTC pair make cryptocurrency transactions easier, rather than directly using dollars.