A lone whale or institution is helping to boost the crypto market liquidity with billions of USDT lodged on exchanges in 90 days.
Data from the crypto analytics platform Lookonchain detailed the trends of USDT deposits on crypto trading platforms initiated by the whale identified by the wallet address “0x1dBb.”
The latest move from this market whale involves the transfer of 239 million USDT minted from Tether Treasury to top exchanges and unidentified wallets within the past 24 hours. Seeing the clearly defined roles USDT plays in the market, the likelihood of using it for speculative trading is reduced, and the massive deposit is likely tied to boosting the market liquidity.
Highlight of the Whale’s Funds Transfer
According to the Lookonchain record, the mysterious whale has injected approximately 2.88 billion USDT into the market in the past 3 months.
Besides the unidentified deposits to private addresses, Kraken OKX, and Coinbase are two of the biggest beneficiaries of this exchange deposits over the past 24 hours. Three of the observed deposits within this time frame come in at 5,049,999 USDT, 8,000,012 USDT, and 4,000,019 respectively.
This mysterious whale/institution is continuing to inject funds into the crypto market!
Wallet"0x1dBb" received 239M $USDT from #TetherTreasury and deposited to exchanges today.
The whale/institution has injected ~2.88B $USDT into the crypto market in the past 3 months! pic.twitter.com/Z5TCA5jKAy
— Lookonchain (@lookonchain) January 9, 2024
While the OKX deposit came as a lump sum, with a total of 4,800,019 USDT, the overall funds deposited on the Coinbase is arguably larger. At first, the whale deposited 15,000,000 USDT and shortly afterward, it sent 19,000,000 USDT to the same platform.
Data from Etherscan shows that the whale address currently has a balance of $778,634 from a total of 127 tokens.
Market Booster in High Supply
Liquidity is very important to help maintain the financial balance in the broader digital currencies ecosystem. Several intriguing liquidity plays have been recorded over the past few months with major Shiba Inu (SHIB) whales like Tron founder Justin Sun moving enormous quantities of SHIB across wallets.
With robust liquidity, buy and sell orders can be archived, helping to achieve a healthy balance between fund inflows and outflows.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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