A Giant Whale Transfers Over 100 Million Stablecoins To Binance In Two Days
Key Points:
- A massive whale moved 30.73 million USDC to Binance, over 14,700 ETH, and around 35.8 million USDT.
- The total value of these trades is more than $100 million in crypto assets.
A massive whale wallet address was discovered transferring millions of stablecoin in only two days.
According to Lookonchain surveillance, a gigantic whale moved 30.73 million the Stablecoin USDC to Binance yesterday and recently got 14,683 ETH (roughly 26 million USD) from Binance. Binance received a total of 35.8 million USDT. This address completed three transactions in two days, transferring digital assets to Binance in USDC, ETH, and USDT. The total value of these trades is more than $100 million in crypto assets.
The whale specifically deposited 30.73 million USDC to Binance, which is a substantial sum of money. In addition, the whale sent roughly 14,700 ETH, which is a significant chunk of money. Ultimately, the whale deposited around 35.8 million USDT, which is an enormous sum of money.
It is now unknown who the whale is or why these transfers were conducted. Some analysts believe the whale is an institutional investor or a major organization. Regardless matter who the whale is, these transactions are remarkable and have piqued the interest of many in the crypto world.
With the USDC depeg event, stablecoins like as USDC and USDT have piqued the interest of consumers. According to Coincu, on March 11, it was claimed that a whale worth 63.84 million USDT was sold for one for 73.92 million USDC. According to a network watcher, a large whale address that formerly held 120 million USDC is now exchanging USDC for USDT. 73.92 million this stablecoin USDC was exchanged for 63.84 million USDT and 2755 ETH, resulting in a loss of 6.14 million USD. The address still has 45 million USDC. The site is said to be connected to the financial corporation IOSG.
While the exact reason for the whale address selling the USDC stablecoin at a loss is unknown, several theories have been offered. One possibility is that the whale address just wanted to get out of their situation as quickly as possible and was willing to incur a loss to do so. Another possibility is that the whale address was attempting to manipulate the market by selling a large quantity of USDC stablecoin to drive down the price and then re-entering at a lower price.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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