Whales Withdraw $4B Tether Amid Market Volatility: Crypto Crash Or Enticing Opportunity?
According to on-chain analytics provided by Lookonchain, a crypto whale made over $3.3 million over the weekend by purchasing USDC at its lowest point during the USDC de-pegging incident.Â
The whale then sold USDC after the stablecoin re-pegged, demonstrating the benefits of having a high-risk appetite.
Bitcoin Purchases Amidst Banking Crisis
Amidst the U.S. banking crisis, whales were also observed purchasing Bitcoin as a hedge against the declining bond and stock markets. Despite Bitcoin’s price rejecting $26.4k in the last 24 hours, the amount of BTC being transferred from exchanges has spiked.
Whales Withdraw Tether USDT at Unprecedented Rate
As Bitcoin prices remain uncertain, analysts at Santiment have observed crypto whales withdrawing Tether USDT at an unprecedented rate. Almost $4 billion in Tether USDT has been transferred out of exchanges in the past ten days, signaling a potential shift towards stablecoins.
Stablecoin Appetite on the Rise – Call for Worry?
As stablecoin purchases increase, a possible market crash may be on the horizon. While the USDC stablecoin reported exposure on SVB, Tether USDT reserves were unaffected, and the company printed $1 billion in the recent past, leading to a market cap of approximately $73.7 billion.
