No doubt the crypto environment has seen major headlines impacting the market in several ways over the past few weeks. However, the latest headline today has raised more curiosity and questions among the community pondering the whale’s next move given the uncertainty in the market on whether we are in a bull season or a trap.
According to a report from the market intelligence platform Santiment, a large transfer of Tether’s stablecoin USDT has soared over the past years, with eight out of the massive transaction recorded exceeding a value of more than $1 billion.
What Are The Whales Up To Now?
While many have wondered about the reason behind the odd spike in the market despite a reason for a plummet, Santiment’s latest report revealed the surge in the market could be a result of the whale’s massive transfers as out of the large four recorded transactions was seen to have taken place in the last ten days.
Though many crypto enthusiasts have argued that the large transactions may have been used to move the market or as an exchange for Bitcoin (BTC), Santiment suggested instead that the large transfers were likely due to whales’ concerns over the stability of USDC, a stablecoin issued by Circle who recently reported a $3 billion exposure to troubled Silicon Valley Bank
Though Circle has announced the recovery of the $3 billion, Silicon Valley is still experiencing a financial run. Meanwhile, on Monday, HSBC UK, the ring-fenced subsidiary of HSBC, acquired Silicon Valley Bank UK for £1 ($1.21). Santiment noted the “bank collapse and USDC concerns” have made “big contributors” in the market move their “USDT off exchanges at a rapid rate.”
Bitcoin (BTC) In A Week
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Author: Samuel Edyme
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