While Bitcoin continues to trade at relatively high levels after the declines, the latest data shows that crypto whales grecked hundreds of millions of dollars worth of Tether (USDT) transactions over the weekend.
The leading crypto currency, which was moving in the 38,600 dollar band at the time the article was being prepared for publication, managed to rise to the 42,600 dollar level over the weekend.
USDT Transactions of Whales
On Sunday, an anonymous wallet withdrew USDT worth $153.14 million from the lending platform Compound (COMP) in three separate transactions, according to crypto tracker Whale Alert. Ethereum blockchain data provider Etherscan, the person or institution behind the wallet has hundreds of millions of USDTit shows that he is a large crypto currency owner who performs transactions.
In addition to these, four separate unknown wallets october more than $221 million USDT to crypto exchanges over the weekend:
- 50.013.043 USDT worth $50 million was sent to Binance from an unknown wallet
- 41,675,766 USDT worth $41.67 million was sent to Binance from an unknown wallet
- 50,000,000 USDT worth $50 million was sent to Binance from an unknown wallet
- USDT 80,180,359 worth $80.18 million was sent to Binance from an unknown wallet
What Do These Operations Mean?
But despite these big moves, the popular crypto investor and analyst Michaël van de Poppe, He stated that the indicator of Bitcoin Stablecoin Supply Ration (SSR) remains low. SSR on the other hand, Bitcoin it measures the dec between the supply and the supply of stablecoin. According to the blockchain analytics firm Glassnode, a low SSR means that the circulating stablecoinit shows that the have quite a lot of purchasing power to buy BTC.
Van de Poppe explains the subject as follows:
Bitcoin: Stablecoin Supply Ratio (SSR) is still at the bottom. This means that there are tons of liquidity ready to be launched on the sidelines. We still have a big run ahead of us.