A severe market correction coincided with a surge in activity from crypto whales, who moved over half a billion dollars worth of stablecoins in a matter of hours, according to a whale-watching bot.
As Bitcoin started to breach the $50,000 level at around 01:30: UTC on Saturday, hundreds of millions of dollars in crypto began flowing between exchanges and wallets.
Whale Alert flagged one of the largest stablecoin transfers in the past day as a deep-pocketed crypto investor moved $116.68 million worth of Tether (USDT) from global crypto exchange Binance and into a wallet of unknown origins.
? ? ? ? ? ? ? ? ? ? 116,685,032 #USDT (116,685,032 USD) transferred from #Binance to unknown wallethttps://t.co/yb9chn715r
— Whale Alert (@whale_alert) December 4, 2021
Also making a splash was another transfer from a different whale on Binance, who moved $118.87 million worth of USDT into an unknown wallet.
Other big transfers that were spotted during the crypto market crash were:
- 117,317,418 USDT worth $117.31 million transferred from Binance to unknown wallet
- 35,999,976 USDT worth $35.99 million transferred from Binance to unknown wallet
- 31,841,112 USDT worth $31.84 million transferred from Kucoin to unknown wallet
- 30,737,954 USDT worth $30.73 million transferred from unknown wallet to CryptoCom
- 29,889,390 USDT worth $29.88 million transferred from Curve Finance to unknown wallet
- 28,600,257 USDT worth $ 28.60 million transferred from unknown wallet to Binance
- 23,344,312 USDT worth $23.34 million transferred from unknown wallet to Huobi
Whale Alert also spotted a massive Bitcoin transfer. The entity shifted 15,074 BTC worth $720.62 billion between wallets of unknown origins.
The whale transfers occurred during one of the largest crypto market meltdowns in recent memory. According to data from Coinglass, about $2.5 billion worth of trades have been liquidated in the past 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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