33.9 Million USDT Injected into Crypto Market by Institution, Here’s What It Signifies

Blockchain sleuth @lookonchain has spread the word that an anonymous financial institution has deposited a massive amount of USDT to major U.S.-based exchange Kraken.

Two wallets that @lookonchain believes to be controlled by the same owner withdrew 33.9 million USDC from Circle, and then, after converting them to USDT, transferred this crypto stash to Kraken.

It seems that an institution has injected $33.9 million into the cryptocurrency market.

0x6A55 and 0x57B4(probably the same person) withdrew $USDC from #Circle and swapped $USDC for $USDT, then deposited $USDT to #Kraken, depositing a total of 33.9M $USDT to #Kraken. pic.twitter.com/6MqvtBcNKL

— Lookonchain (@lookonchain) October 11, 2023

Santiment on-chain analytics aggregator has also noticed increased on-chain activity taking place with USDT at the moment. The number of active wallets has reached a three-month peak; mainly this is happening thanks to an increase of USDT deposits made to crypto exchanges.

Aside from that, Santiment reports, crypto wallets holding between 1 million and 10 million USDT are actively purchasing stablecoins now. Both of these factors indicate potential interest in buying crypto with this USDT in the future, Santiment concluded.

🤑 #Tether is seeing an increase in #onchain activity, with active addresses hitting a 3-month high, largely due to increases in exchange deposits. Additionally, wallets with $1M-$10M in $USDT have been accumulating. Both indicate interest in future buys. https://t.co/qOUznVTgTb pic.twitter.com/cuDKWCnJwt

— Santiment (@santimentfeed) October 10, 2023

Bitcoin and Ethereum, the two leading cryptocurrencies, are trading at a discount at the moment. Bitcoin has lost 2.75% since Monday, now trading at $27,161 per coin. The Ethereum price has lost 3.70% over the same period, exchanging hands at the $1,573 level at the time of this writing.

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