On July 16, Institutionalists and whales invested $278 million in cryptocurrency
The cryptocurrency market is once again filled with optimism, which is accompanied by a significant inflow of capital from crypto whales and institutional investors. In particular, three prominent whales have invested more than $278 million.
They transferred USDT from a Tether Treasury wallet to two anonymous addresses and a Cumberland wallet. Later, they sent steiblecoins for the said amount to the crypto exchanges Kraken, Coinbase, OKX and Binance.
Notably, $198.7 million of the $278.7 million in USDT was issued on the Tron network, while $80 million came from the Ethereum (ETH) blockchain.
This suggests that organizations are buying USDT directly from Tether, injecting money into the crypto ecosystem in order to acquire other cryptocurrencies.
Interestingly, Tether issued $1 billion in USDT just one day before the activity of these cryptocurrencies and institutional investors. On July 15, an additional billion in stablecoins were added to the Tron network.
Tron founder Justin Sun revealed that over $60 billion worth of USDT has been issued on its network.
