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Recently, three whale or institutional wallets have made moves that have attracted the attention of the crypto community.
Data from Lookonchain shows that, recently, three large whale or institutional wallets put a total of 278.7 million USDT into the cryptocurrency market. Detail:
– Cumberland withdrew 80 million USDT from Tether Treasury over two months and deposited it into Kraken, Coinbase, and OKX exchanges.
– Address TQef1n…k32t withdrew 111.7 million USDT from Tether Treasury and deposited it into Kraken.
– Address TQjqZ5…42m8 withdrew 87 million USDT from Tether Treasury and deposited it into Binance exchange.
It is possible that this news contributed to Bitcoin’s recovery to $65,000 after a continuous price drop.
The term “whales” is used to refer to investors who own large amounts of assets and have a significant influence on the value of that currency. Typically, the act of placing a token on an exchange is often accompanied by the holder being able to sell that token in exchange for stablecoins, thereby creating additional selling pressure on that token.
