Tether Treasury Mints 1B USDT As Whales Inject 278.7M Into Crypto Market
Yesterday, the Tether Treasury minted another 1 billion USDT on the Tron Network, marking the second consecutive month of substantial minting.
Over the past year, Tether Treasury has minted a staggering 31 billion USDT, reflecting a continued strong demand for stablecoins in the cryptocurrency market.
7 hours ago, #TetherTreasury minted 1B $USDT on #TronNetwork again after a month.#TetherTreasury has minted a total of 31B $USDT in the past year!https://t.co/2wFo2DEvz3 pic.twitter.com/QP28G3GVqv
— Lookonchain (@lookonchain) July 16, 2024
In addition to Tether’s minting activity, three major whales or institutions injected a total of 278.7 million USDT into the crypto market.
Cumberland, a prominent crypto trading firm, withdrew 80 million USDT from Tether Treasury and distributed it across major exchanges including Kraken, Coinbase, and OKX. This marks Cumberland’s first significant move in two months.
Another entity, identified as TQef1n…k32t, withdrew 111.7 million USDT from Tether Treasury and deposited it into Kraken. Similarly, TQjqZ5…42m8 withdrew 87 million USDT from Tether Treasury and deposited it into Binance. These large transactions signal a significant injection of liquidity into the market, potentially fueling trading activities and market movements.
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
245 Million USDT Received By CumberlandOver the past 40 hours, Cumberland alone has received 246.6 million USDT from Tether Treasury, which has been subsequently deposited into Kraken, Coinbase, and OKX. This continuous flow of funds into major exchanges indicates a sustained institutional interest and confidence in the cryptocurrency market.
Institutions continue to inject funds into the crypto market!