Whale Withdraws Another 96M USDT From Treasury: On-Chain Analysis

Lookonchain, the on-chain activity monitoring platform, revealed in an X post today that a whale withdrew another 96 million Tether (USDT) from the Tether Treasury. Following this latest withdrawal, the wallet sent the USDT to OKX, Kraken, and Coinbase over the past few hours.

This particular whale, noted the platform, has received a total of 992 million USDT from the Tether Treasury since October 20 this year and has deposited all of it onto exchanges. This latest withdrawal by this specific whale comes just 4 days after his/her previous transaction.

Lookonchain shared on November 17 that the same whale received 49 million USDT from the Tether Treasury. Similar to this latest transfer, the whale sent the USDT to Kraken and Coinbase.

On November 10, Lookonchain reported the same whale received 30 million USDT, which was also sent to liquid exchange platforms. Interestingly, this transaction took place just hours before Tether Treasury minted 1 billion USDT.

All of these withdrawals did not lead to the stablecoin losing its peg to the Dollar, however, as USDT was still trading at $1 at press time. This was after USDT recorded an almost negligible 0.01% drop in price over the past 24 hours, according to CoinMarketCap.

USDT also maintained a comfortable lead over its largest competitor USD Coin (USDC). At press time, the total market cap for USDC was estimated to be $24.51 billion. This was far lower than that of the stablecoin giant, USDT, whose combined market cap was above $88 billion.

Traders and investors still opted to trade with USDT over the past 24 hours as well. CoinMarketCap indicated that the total trading volume in the market throughout the past day stood at around $55.56 billion. Stablecoins accounted for 90.10% of this volume, with USDT’s volume standing at $40.8 billion.