Lookonchain, the platform specializing in on-chain activity monitoring, reported today that a significant crypto whale withdrew an additional 96 million Tether (USDT) from the Tether Treasury. Following this recent withdrawal, the whale swiftly transferred the USDT to leading exchanges such as OKX, Kraken, and Coinbase within the span of a few hours.
This particular whale has been actively involved in transactions with the Tether Treasury since October 20, having received a total of 992 million USDT during this period. Notably, the whale has consistently deposited the acquired USDT onto various exchanges. The most recent withdrawal occurred merely 4 days after the whale’s previous transaction.
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On November 17, Lookonchain previously reported that the same whale received 49 million USDT from the Tether Treasury. In a parallel move to the latest transfer, the whale directed the USDT to Kraken and Coinbase.
In another instance on November 10, Lookonchain highlighted the whale’s reception of 30 million USDT, which was promptly sent to liquid exchange platforms. Interestingly, this transaction coincided with Tether Treasury minting 1 billion USDT just hours later.
Despite the substantial withdrawals, the stability of the USDT peg to the Dollar remained intact, with USDT trading at $1 at the time of the report. Over the past 24 hours, USDT experienced a marginal 0.01% drop in price, as per CoinMarketCap data.
USDT maintained a strong position compared to its primary competitor, USD Coin (USDC), with a total market cap of $88 billion, far surpassing USDC’s estimated market cap of $24.51 billion at the time of reporting.
Traders and investors continued to favor USDT, contributing to a total trading volume of approximately $55.56 billion in the market over the past 24 hours. Stablecoins constituted 90.10% of this volume, with USDT alone accounting for $40.8 billion in trading volume, according to CoinMarketCap.