Tether Minted 3 Billion USDT in a Week - Where'd It All Go?
Tether just unleashed a massive 3 billion USDT into the market in just one week! But the real question is, where did all that fresh Tether flow?
On-chain sleuths have tracked the movement of a whopping 3.22 billion USDT from Tether's treasury directly to various exchanges since August 5th. Here's the breakdown:
Big Exchange Influx: A significant chunk, 1.75 billion USDT, made its way to major exchanges like Kraken, OKX, Coinbase, Binance, and Bullish.com through Cumberland, a prominent crypto trading firm.
Kraken Concentration: Another sizable portion, 1.29 billion USDT, flowed specifically into Kraken through the deposit address "TQef1."
This surge in Tether minting and exchange inflows has sparked speculation about its potential impact on the cryptocurrency market. Some experts believe it could signal increased buying pressure, while others raise concerns about potential market manipulation.
One thing's for sure: Tether's actions continue to be a major driver of liquidity in the crypto space, and its every move is closely watched by investors.