- Whale Alert observed transactions involving significant stablecoin volumes.
- The observed $140M worth of USDT and USDC transactions involved deposits and withdrawals from centralized exchanges.
- Crypto community puzzled over whales’ intentions – bullish trend or market exit?
Significant whale transactions involving stablecoin transfers were observed in the early hours of today, Wednesday, August 3, 2023. In multiple posts, Whale Alert, the blockchain tracker and analytics system, reported multiple stablecoin transfers in and out of centralized exchanges.
In the earliest report, Whale Alert tweeted that 70 million USDC, equivalent to $70.049 million, was transferred from an unknown wallet to the OKEx crypto exchange. Moments later, the same amount of USDC, worth $70.002589 million, was moved from the OKEx exchange to an unknown wallet.
In a separate report, Whale Alert tweeted that 70 million USDT, equivalent to $70.966175 million, was transferred from the Bitfinex crypto exchange to the Tether Treasury. After three minutes, the analytics system posted another tweet reporting a 70 million USDT transfer from Tether Treasury to the Bitfinex exchange. This time, the transfer was worth $72.0979 million.
The reported stablecoins movements by crypto whales have raised curiosity among the crypto community. However, the nature of the transactions leaves several users confused over the intention of the whales. Some respondents think the development could signal the beginning of a bullish trend, while others assume the whales are withdrawing from the markets.
Historically, users assume that crypto whales transfer stablecoins into centralized exchanges when preparing to buy Bitcoins or altcoins. Conversely, they withdraw stablecoins whenever they want to exit the markets by moving their funds to cold storage.
Today’s event is a mixture of both kinds of transactions in similar quantities. It is a development that leaves several crypto users confused and unable to predict the intention of the whales. While one respondent identified as Persiantrader thinks it confirms the whales’ intention to buy crypto, another respondent, Seb, fears it confirms the bear market.
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