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Whales Withdraw $4B Tether Amid Market Volatility: Crypto Crash Or Enticing Opportunity?

Author: Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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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. 

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.

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Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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