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
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