Where did the newly minted 1 billion USDT go?
At around 21:12 on April 2 (Vietnam time), 1 billion USDT was newly minted on Tether, according to data from Whale Alert.
The fact that large amounts of money were minted right at the time Bitcoin (BTC) plummeted to the $64,500 mark has attracted great attention from the Crypto community. Let's take a look at the latest onchain information about this cash flow.
According to data from Lookonchain, after 1 billion USDT was minted, 156 million USDT was transferred to the Kraken exchange, through the KYC TQe...zk32t wallet address on this exchange.
Since March 8, this wallet address has also pushed a total of more than 722 million USDT to the Kraken exchange. According to Lookonchain, this wallet address is believed to be related to Justin Sun, founder of the Layer 1 Tron blockchain.
Information about wallet address: TQef1npDuBwGCVXKY5SE9A1BdPSEYzk32t
The minting of an additional 1 billion USDT took place right at the time when the Long side was liquidated strongly on April 2 (more than 400 million USD of Long orders were burned), causing the Crypto community to speculate that Market Makers are trying to shake off the stocks of the long positions. other teams, especially Abraxas Capital and Smartestmoney - units specializing in using leverage on CEX exchanges.
Analysts believe that Market Maker's "expulsion" of large teams may be a strategy to reduce selling pressure in the market. This is just a prediction from experts, investors need to consider carefully before making trading decisions.
🎯 An interesting thing is that the last 3 times the Mint announcement of an additional 1 billion USD appeared on March 4, March 19 & April 2 - about 15 days apart. Will 1 billion USDT continue to be minted on April 17? Please continue to follow the latest updates from TradeCoinVN.
