Crypto Whales Moved Tether USDT Worth Millions On and Off Exchanges as Bitcoin Surged

Sahaj  |  Aug 3, 2021

Crypto whales have reportedly shifted hundreds of millions of dollars worth of Tether (USDT) on and off exchanges over the weekend as Bitcoin surged to its highest levels in over a month. At the time of writing this article, BTC is changing hands at $38,622.60, but it soared to a high of $42,628.50 on some leading crypto exchanges.

Crypto Whales Shifting Massive Amount of Tether (USDT) Amid Bitcoin Price Spike

As reported on Sunday by Whale Alert, a crypto tracker, an anonymous wallet pulled over $153.14 million worth of USDT off the lending platform Compound (COMP) in three different transactions amid the surge in the price of Bitcoin.

Etherscan, the Ethereum blockchain explorer, shows that the body behind the wallet is a deep-pocketed crypto holder is shuffling hundreds of millions worth of Tether (USDT) in and out of Compound.

In addition to this, it should be noted that four different unknown wallets or crypto whales have sent over $221 million worth of stablecoin pegged to the dollar, including Tether, to crypto exchanges over the weekend, and it is a huge amount.

Michaël van de Poppe on Bitcoin SSR

Michaël van de Poppe, the popular crypto trader and analyst, told his 361,300 followers on the social media platform Twitter that the Bitcoin SSR, or Bitcoin Stablecoin Supply Ratio, remains low.

As for SSR, it measures the ratio between the Bitcoin supply and stablecoin supply. 

In accordance with the blockchain analytics firm Glassnode, a low SSR is a clear indication that the stablecoins in circulation have even more purchasing power to buy BTC.

van de Poppe talked in detail about SSR and mentioned the possibility of a bull run and said:

“The Bitcoin: Stablecoin Supply Ratio (SSR) is still at rock bottom. Meaning that there’s tons of liquidity on the sidelines ready to be pushed into the markets. A big run is still upon us.”

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