blockchainreporter.net
More election & USDT news incoming as in a major post-election event, Lookonchain revealed that within a span of 15 hours, 728.6 million USDT entered the cryptocurrency market. This massive inflow of Tether, the largest stablecoin by market capitalization, originated solely from Tether Treasury and went directly to several major exchanges, suggesting a potential exit to capture the anticipated market movement after the election.
728.6M $USDT was injected into the crypto market after the election!
— Lookonchain (@lookonchain) November 7, 2024
In the past 15 hours, 728.6M $USDT flowed from #TetherTreasury to #Kraken, #Coinbase, #Binance, #OKX, #Bybit and #Cobocom.https://t.co/6Ishw6rhG6 pic.twitter.com/i6yhGB4i68
Destination Exchanges of the USDT Inflow
According to Lookonchain’s analytics, such growth can be attributed to large exchanges such as Kraken, Coinbase, Binance, OKX, Bybit, and Cobocom. Data from such sources indicate that Kraken took the largest amount of 343.19M USDT, Coinbase was the second with 101.67M USDT, and Binance was third with 54.9M. The fact that a large amount of USDT went to these exchanges also suggests higher trading activity, which, in turn, can positively affect cryptocurrency prices and market depth.
Breakdown of USDT Transfers
From Tether Treasury, the deposit was made through different addresses for the stablecoin issuance. Cumberland, one of the most recognized crypto liquidity providers, contributed as a significant intermediary, taking in large sums such as 260M and passing them to other exchanges. Some other significant transactions include Kraken deposits varying and a steady stream of deposits to the Binance account.
Market Speculation and Impact
Such an inflow of stablecoins makes one expect that traders and institutions might be preparing for more buying or trading in cryptocurrencies. Just after a huge election, this timing makes one wonder whether this is a strategic market move driven by anticipated volatility or indicates institutional crypto adoption. Such large operations often indicate sentiments about the prospects of near-term stability because it suggests that it could be converted to other commodities, leading to turnover and potential price movements.
Such USDT inflows are observed as possible changes in the market sentiment where players are preparing for intensive trading in the post-election period. Investors and analysts will be eager to determine the effects of such flow on the crypto prices and their fluctuations, as this could provide short-term speculation or long-term setup in the market.