Crypto whales moved hundreds of millions of dollars worth of Tether (USDT) on and off exchanges over the weekend as Bitcoin soared to its highest prices in more than a month.
BTC is trading at $38,286.06 at time of writing but at one point had surged to a high of $42,628.50 over the weekend, according to CoinGecko.
On Sunday, an unknown wallet pulled more than $153.14 million worth of USDT off of the lending platform Compound (COMP) in three separate transactions, according to the crypto tracker Whale Alert. Ethereum blockchain explorer Etherescan shows that the entity behind the wallet is a deep-pocketed crypto holder, shuffling hundreds of millions worth of USDT in and out of Compound.
Additionally, six separate unknown wallets sent more than $279 million worth of the dollar-pegged stablecoin to crypto exchanges over the weekend.
- 22,045,951 USDT worth $22.04 million sent from unknown wallet to OKEx
- 32,519,271 USDT worth $32.51 million sent from unknown wallet to Huobi
- 50,013,043 USDT worth $50 million sent from unknown wallet to Binance
- 41,675,766 USDT worth $41.67 million sent from unknown wallet to Binance
- 50,000,000 USDT worth $50 million sent from unknown wallet to Binance
- 80,180,359 USDT worth $80.18 million sent from unknown wallet to Binance
Despite these big moves, however, popular crypto trader and analyst Michaël van de Poppe tells his 361,300 Twitter followers that the Bitcoin Stablecoin Supply Ration (SSR) remains low.
SSR measures the ratio between the Bitcoin supply and stablecoin supply. According to the blockchain analytics firm Glassnode, a low SSR indicates that stablecoins in circulation have more buying power to purchase BTC.
Explains Van de Poppe,
“The Bitcoin: Stablecoin Supply Ratio (SSR) is still at rock bottom. Meaning that there’s tons of liquidity on the sidelines ready to be pushed into the markets. A big run is still upon us.”
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