Buy signal as institutional whales inject $278M in crypto
finbold.com 16 July 2024 20:05, UTC The cryptocurrency market is heating up again with renewed spirit and significant capital inflow from whales and institutional investors. In particular, three notable whales have injected over $278 million into crypto exchanges through Tether’s USDT.
Lookonchain reported this recent buy signal on July 16 in a post on X, tracking activity from whales and institutions.
Notably, these activities originated from the Tether Treasury wallet address, sending USDT to two anonymous whale addresses and Cumberland’s wallet. Later, they sent the $278.7 million worth of the USD stablecoin token to Kraken, Coinbase, OKX, and Binance.
This pattern suggests entities buying USDT directly from Tether – injecting money into the crypto ecosystem – with the intention of acquiring other cryptocurrencies from these markets.
3 whales/institutions injected 278.7M $USDT into the crypto market today!#Cumberland withdrew 80M $USDT from $TetherTreasury to #Kraken, #Coinbase and #OKX again after 2 months.
TQef1n…k32t withdrew 111.7M $USDT from #TetherTreasury and deposited it to #Kraken.… pic.twitter.com/Uy9Q3DJ54v
— Lookonchain (@lookonchain) July 16, 2024
USDT issues $1 billion; market sees as a buy signal
Interestingly, Tether issued $1 billion in USDT just a day before these whales and institutional investor’s activities. The company minted 1 billion of the stablecoin on the Tron Network (TRX) on July 15.
It is also noteworthy that $198.7 million of the $278.7 million from the two anonymous whales happened with USDT on Tron, while Cumberland moved $80 million on the Ethereum Network (ETH).
This recent activity highlights how Tether’s issuance can function as a buy signal for the cryptocurrency market. Essentially, institutions and wealthy investors can buy USDT directly from Tether, injecting dollars into the crypto ecosystem.
Justin Sun, the creator of Tron, celebrated over $60 billion USDT running on his network. Moreover, Sun has likely been accumulating billions of dollars in ETH since February, as reported by Finbold.
Both Justin Sun, Cumberland, and anonymous whale addresses are entities worth monitoring for market signals. These highly capitalized investors can influence the market’s direction with their actions and support.
Nevertheless, traders and smaller investors should not blindly follow others. Instead, they should do their due diligence, understand the market conditions and the projects’ fundamentals, and invest cautiously.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
