Thomas Daniels
Tether’s CEO Paolo Ardoino explained that a significant minting event at the company’s treasury was for stocking purposes. Meanwhile, crypto enthusiasts speculated a bullish trend, attributing it to substantial USDT transactions by whales. On November 22, Whale Alert noted the creation of $1 billion USDT at Tether’s treasury, sparking discussions among crypto supporters about increased investments in cryptocurrencies and a potential rise in token prices, hinting at a forthcoming bull market.
Ardoino responded to these developments, clarifying that the minting was intended to bolster USDT liquidity on the Tron blockchain. He mentioned that this fund would be used for future issuance demands on Justin Sun’s decentralized platform. Concurrently, the on-chain analysis firm LookOnChain observed a specific crypto whale acquiring over $1.1 billion USDT in 30 days, spanning from October 20 to November 21.
This whale has been actively transferring some of these funds to exchanges like Binance, Coinbase, Kraken, and OKX, presumably to buy cryptocurrencies offered on these exchanges. Such actions are generally perceived as bullish signs, indicating that savvy investors are amassing tokens in anticipation of substantial price shifts. At the time of reporting, USDT’s market capitalization had risen to $88 billion, a $20 billion increase since early 2023, as per Coingecko’s data.
Crypto.news referenced a report indicating that digital asset inflows in 2023 had outpaced those in 2022, driven by a surge in demand for crypto investment products. Coinshares highlighted the highest inflow of funds into the crypto market since July 2022.
Additionally, the crypto market has seen gains fueled by expectations that the U.S. Securities and Exchange Commission may soon greenlight a spot Bitcoin ETF. Experts believe this approval could channel billions into the Bitcoin (BTC) market.
