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Allegedly 770 Million Dollars of Tether (USDT) Was Just Transferred to Binance: But What’s the Truth?

source-logo  en.bitcoinsistemi.com 28 October 2023 14:34, UTC

Whale Alert, which automatically detects and warns of large cryptocurrency transactions, detected a large amount of Tether (USDT) entering the wallets of the cryptocurrency exchange Binance.

According to the data, approximately $771 million USDT entered Binance wallets in two transactions. Although this development was interpreted by some as whales depositing stablecoins into the exchange to purchase Bitcoin or altcoins, when the onchain data was examined, it was revealed that these transfers were intra-exchange transfers.

Cryptocurrency analysis platform Arkham also confirmed that these transfers were intra-exchange.

In other words, in both transactions, the sender and receiver sides were recorded as Binance. However, with the transactions taking place on the Tron blockchain, it appears that these funds are transferred from the Binance cold wallet to the Binance hot wallet.

Since it is an intra-stock exchange transfer, these transactions are not expected to have great meaning for the market. Similarly, in other transfers during the day, $60 million USDT was transferred to the Kraken exchange, and the source of this transfer was Bitfinex, another crypto exchange.

Approximately 7 hours ago, $57 million worth of USDT was moved from the Binance hot wallet to another in-house hot wallet.

*This is not investment advice.