In the last 24 hours, the stablecoin company Tether has minted 100 million USDT.
The creation of new USDT tokens is often correlated with a rise in the price of Bitcoin, as Tether moves the coins to crypto exchanges like Bitfinex. Both Bitfinex and Tether are owned by iFinex, Inc., and have been accused of using USDT, which is designed to be pegged 1:1 to the US dollar, to manipulate the price of Bitcoin.
Bitfinex has long denied that USDT is used to manipulate the price of BTC and says the newly minted stablecoin is a sign that new money is entering the market.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 100,000,000 #USDT (100,039,301 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) August 5, 2019
Less than an hour after minting the new tokens, Tether moved 275 million USDT to an unknown wallet. It also received and quickly sent back 69.2 million USDT from the crypto exchange Bittrex.
- 275,000,000 USDT worth $274.6 million transferred from Tether Treasury to unknown wallet
- 69,237,986 USDT worth $68.7 million transferred from Bittrex to Tether Treasury
- 69,237,986 USDT worth $69.1 million transferred from Tether Treasury to Bittrex
Meanwhile, Bitcoin, Ethereum and XRP whales are surfacing as the crypto market grows more volatile.
Whale watchers spotted a transfer of 300 million XRP worth $96.2 million from the crypto exchange Binance to an unknown wallet.
Ethereum whales sent 308,268 ETH worth $71.8 million between unknown wallets.
- 147,336 ETH worth $34.2 million transferred from unknown wallet to unknown wallet
- 160,932 ETH worth $37.6 million transferred from unknown wallet to unknown wallet
And Bitcoin whales are also surfacing en masse, moving 14,501 BTC worth $168.6 million in the past 24 hours. Three of the transactions were between unknown wallets, with the fourth involving BTC moving off of the crypto exchange OKEx to an unknown wallet.
- 4,500 BTC worth $52.0 million transferred from unknown wallet to unknown wallet
- 1,001 BTC worth $11.7 million transferred from OKEx to unknown wallet
- 4,500 BTC worth $52.9 million transferred from unknown wallet to unknown wallet
- 4,500 BTC worth $52 million transferred from unknown wallet to unknown wallet
None of the major whale movements in the last day involved crypto moving onto exchanges, which indicates the crypto traders in question are not currently looking to sell.