USDT Treasury Moves $229,956,875 to Bitfinex as BTC Rallies Back to $42k

In a significant transaction that has sparked interest across the crypto community, Tether’s Treasury has initiated a transfer of multi-million dollars’ worth of USDT tokens to the renowned exchange, Bitfinex.

According to data shared by Whale Alert, a prominent tracker of large crypto transactions, the transfer involves a staggering 230,000,000 USDT. The transaction was valued at approximately $229,956,875 at the time of the disclosure.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 230,000,000 #USDT (229,956,875 USD) transferred from Tether Treasury to #Bitfinexhttps://t.co/5YJgQfycJA

— Whale Alert (@whale_alert) January 26, 2024

While not unusual, this move draws attention due to its substantial volume and implications for market dynamics. Specifically, Whale Alert’s tweet has garnered over 181,500 engagements at the time of reporting.

An X user remarked, “Moon is waiting for us,” suggesting the inflow to the Bitfinex exchange could have a bullish factor for the market. Another crypto enthusiast echoed a similar sentiment stating, “Big buys incoming.”

Significantly, Tether often facilitates notable transfers between its treasury and various exchanges for many reasons, including liquidity management, trading activities, or operational requirements. On-chain data suggested that the wallet of the USDT issuer has moved nearly $500 million in stablecoin within 24 hours.

This recent movement comes amid the relief rally in the crypto market after weeks of bloodbath, with Bitcoin tanking more than 20% into the $38k region. However, in the last 24 hours, Bitcoin has recorded a significant comeback, claiming a high of $42,200.

Bitcoin’s resurgence has reverberated throughout the broader crypto market. Numerous digital assets now reflect positive momentum, as their greenish candles indicate. Notably, Solana has emerged as the standout performer in the top ten cryptocurrencies. It has witnessed a notable growth trajectory from $87.62 to over $93, showcasing a 7% increase in value.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source