Crypto Currency News
Ethereum Classic

Tether whales move 374 million in crypto, analyst predicts big run on the horizon

Crypto whales moved hundreds of millions of dollars in tether (USDT) on and off the exchanges over the weekend as Bitcoin soared to its highest price in more than a month.

BTC is trading at $ 38,286.06 at the time of writing but was up to a high of $ 42,628.50 over the weekend, according to CoinGecko.

On Sunday, an unknown wallet withdrew more than $ 153.14 million in USDT from the Compound (COMP) lending platform in three separate transactions, according to crypto tracker Whale Alert. Ethereum blockchain explorer Etherscan reveals that the unit behind the wallet is a crypto holder mixing hundreds of millions of USDT in and out of compound.

In addition, four separate unknown wallets sent the dollar-pegged stablecoin worth more than $ 221 million to crypto exchanges over the weekend.

Despite these big strides, popular crypto trader and analyst Michaël van de Poppe tells his 361,300 Twitter followers that the Bitcoin Stablecoin Supply Ration (SSR) will remain low.

SSR measures the relationship between the bitcoin supply and the stablecoin supply. According to blockchain analytics firm Glassnode, a low SSR indicates that stablecoins in circulation have more purchasing power to buy BTC.

explains Van de Poppe,

“The Bitcoin: Stablecoin Supply Ratio (SSR) is still at its lowest point. That means there is plenty of liquidity on the fringes ready to be pushed into the markets. A big run is still ahead. “

Source: Glassnode

Check price promotion

Don’t Miss A Beat – Subscribe to crypto email notifications straight to your inbox

Follow us on Twitter, Facebook and Telegram

Surf the daily Hodl mix

Check out the latest headlines

Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are made at your own risk and that any losses you incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Selected image: Shutterstock / spainter_vfx / Elzza

Comments are closed.