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- The Tether treasury where 25,000,000 USDT (24,946788 USD) was minted on the TRON blockchain and transferred into the Bitfinex deposit.
- Coinbase received three BTC deposits of $6.8 million (700 BTC), $6.9 million (708 BTC), and $7 million (710 BTC).
- These are just a few of the larger deposits that exchanges received in preparation for the whale buy-ins that are occurring in the market.
There has been a significant increase in cryptocurrency deposits into multiple exchanges today as the market is at a low. It seems as though exchanges are preparing to serve to whales as the market prices are down. Bitcoin has dropped down below $10,000 after breaking into the double-digit thousands yesterday.
This Bitcoin price drop has brought the prices of most other top cryptocurrencies down with it, and as most cryptocurrencies are now trading at a relatively low point in the market after an overly bullish run over the past couple days, it seems as though the larger players, or the whales, are buying into the market.
The largest single transaction that occurred today as per the Whale Alert bot service on Twitter was that from the Tether treasury where 25,000,000 USDT (24,946788 USD) was minted on the TRON blockchain and transferred into the Bitfinex deposit. Whale Alert also reported a $10.5 million (1,069) transfer from an unknown wallet into the Binance deposit.
Coinbase also received three BTC deposits of $6.8 million (700 BTC), $6.9 million (708 BTC), and $7 million (710 BTC). $5.4 million (551 BTC) was deposited into the Bitstamp exchange deposit, and Huobi also saw three large USDT deposits of 9,999,940 USDT, 5,000,000 USDT, and 4,999,950 USDT. These are just a few of the larger deposits that exchanges received in preparation for the whale buy-ins that are occurring in the market.
This decline in Bitcoin value and the consequent increase in exchange deposits clearly indicates that exchanges are catering to whales who are buying into the market, seeing the Bitcoin drop below $10,000 as a profitable buy point.
But not all Bitcoin whales share the same belief that the market is temporarily stabilizing after the recent bull run. Some believe that the market’s recent bullish trend has inflated the market, and it still has a large way to drop down before seeing any significant gains again.
This current market downtick isn’t any indication of depreciation in cryptocurrency values by any means. If anything, Bitcoin’s recent surge over $10,000 shows that the economic and technological foundation behind cryptocurrencies remains as strong as ever, and the increase in value is only set to continue in the long term.
