- Trading institutions have moved millions into the crypto market over the past week.
- The transfers come ahead of the Federal interest rate announcement slated for later today.
- Tether has minted a whopping 5 billion USDT on Tron and Ethereum in the past seven days.
The highly anticipated U.S. Federal Reserve’s interest rate announcement, which is scheduled for later today, has prompted the transfer of millions of dollars. On-chain analytics firm Lookonchain recently highlighted the massive transfers in a lengthy Twitter thread earlier today.
According to data gathered by Lookonchain, Bastion Trading has received more than 230 million USDT from the Tether Treasury. These stablecoins have been transferred to Binance over the past seven days. Another institutional address, 0x6B8F, received 25 million USDT from the Tether Treasury, which was sent to FalconX and subsequently transferred to Coinbase and Binance.
As for Tether, the largest stablecoin issuer has minted a whopping 5 billion USDT on Tron and Ethereum over the past week. At Least 162.5 million of those USDT was transferred to Binance on March 20. An additional 28.6 million USDT was moved to Kraken the same day.
Lookonchain has also been monitoring the price change of Bitcoin before and after the announcement of the Federal Reserve’s interest rate decision over the past year. So far the data suggests that prediction of BTC’s movement is difficult based on the interest rate decision, even when the actual rate matches the forecast.
The flagship cryptocurrency has been able to maintain an average price of roughly $28,000 over the past couple of days. Traders and investors have been lining up to acquire more Bitcoins as trust in the traditional banking system continues to erode following the collapse of 3 major banking institutions within the span of a week.