by • The market intelligence platform Santiment recently reported a large transfer of Tether’s stablecoin USDT over the past years, with eight out of the massive transaction recorded exceeding a value of more than $1 billion.
• Whale’s massive transfers could be due to their concerns over the stability of USDC, a stablecoin issued by Circle who recently reported a $3 billion exposure to troubled Silicon Valley Bank.
• Bitcoin (BTC) was still seen moving in a bearish trend last week due to negative news such as Silvergate suspending services and KuCoin Lawsuit setting dangerous precedent for Ethereum.
What Are The Whales Up To Now?
According to a report from the market intelligence platform Santiment, a large transfer of Tether’s stablecoin USDT has soared over the past years, with eight out of the massive transaction recorded exceeding a value of more than $1 billion. While many have wondered about the reason behind the odd spike in the market despite a reason for a plummet, Santiment’s latest report revealed that this surge in the market could be due to whales’ massive transfers as out of these large transactions was seen to have taken place in the last ten days. Though many crypto enthusiasts have argued that these large transactions may have been used to move the market or as an exchange for Bitcoin (BTC), Santiment suggested instead that it was likely due to whales’ concerns over the stability of USDC, a stablecoin issued by Circle who recently reported a $3 billion exposure to troubled Silicon Valley Bank.
Circle’s Troubled Exposure & HSBC UK Acquisition
Related Reading: Silvergate Halts Crypto Payments After Suffering $1 Billion Loss Though Circle has announced the recovery of its $3 billion exposure, Silicon Valley is still experiencing financial run and on Monday, HSBC UK – ring-fenced subsidiary acquired Silicon Valley Bank UK for £1 ($1.21). Santiment noted that “bank collapse and USDC concerns” have made “big contributors” in the market move their “USDT off exchanges at rapid rate.”
Bitcoin (BTC) In A Week
As of last week, Bitcoin (BTC) was still seen moving in bearish trend as negative news intensified. Silvergate which offered industry payments network that allowed customers to exchange U.S dollars between crypto exchange accounts 24/7 matched liquidity needs suspended services and shut down while one KuCoin lawsuit set dangerous precedent for Ethereum.
What Could This Mean For Crypto Market?
The large transactions suggest investors taking precautionary measures against any upcoming risk towards USDC or other similar digital assets given instability in current banking systems but could also mean whale’s next move towards taking advantage if there is another bull run coming up soon. With increased volatility across crypto markets right now – speculators are left wondering what will come next!
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