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Crypto whales moved more than half a billion dollars on Monday in three hours as Bitcoin, the leading cryptocurrency, rallies toward $12,000.
The wallets involved are all of unknown origin and do not appear to be owned by any crypto exchanges. Two of the transfers sent crypto from unknown wallets to crypto exchanges, indicating those traders may consider selling about 9,792 BTC worth $116 million.
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Meanwhile, Tether just minted another 100 million USDT. Traders use the stablecoin, which is designed to be pegged 1:1 to the US dollar, to escape market volatility.
Tether often prints new USDT when the price of Bitcoin rises, which Kraken CEO Jesse Powell says is a sign that traders are pumping US dollars into the market.
“I don’t have inside knowledge of what’s happening at Tether. But I can tell you that historically, when you’ve seen growth in the supply of Tether, we’ve seen growth in the supply of US dollars coming onto Kraken, and other exchanges would report the same.
So I think what you’re seeing in Tether is just a very transparent reflection of what is happening at the banking system level with all the exchanges. When new Tether is being printed, 99% of the time tons of US dollars are coming into the exchanges as well, and it’s not just being represented as Tether on the blockchain.”
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Whale watchers are also monitoring a pair of Bitcoin transactions involving stolen BTC. The Bitcoin was taken in a hack on the crypto exchange Binance back in May. A total of 707 BTC worth just over $8 million has been sent to a wallet owned by the thief.
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