Over the weekend, crypto whales moved hundreds of millions of dollars worth of Tether (USDT) on and off exchanges as Bitcoin reached its highest price in more than a month.
BTC is currently trading at $38,286.06, but it reached a high of $42,628.50 over the weekend, according to CoinGecko.
According to the crypto tracker Whale Alert, an unknown wallet took more than $153.14 million in USDT from the lending platform Compound (COMP) in three separate transactions on Sunday. Etherescan, an Ethereum blockchain explorer, reveals that the entity behind the wallet is a deep-pocketed crypto holder, transferring hundreds of millions of USDT in and out of Compound.
Over the weekend, six separate unknown wallets sent more than $279 million in the dollar-pegged stablecoin to crypto exchanges.
- 22,045,951 USDT worth $22.04 million sent from unknown wallet to OKEx
- 32,519,271 USDT worth $32.51 million sent from unknown wallet to Huobi
- 50,013,043 USDT worth $50 million sent from unknown wallet to Binance
- 41,675,766 USDT worth $41.67 million sent from unknown wallet to Binance
- 50,000,000 USDT worth $50 million sent from unknown wallet to Binance
- 80,180,359 USDT worth $80.18 million sent from unknown wallet to Binance
Despite these significant changes, popular crypto trader and analyst Michal van de Poppe informs his 361,300 Twitter followers that the Bitcoin Stablecoin Supply Ration (SSR) remains low.
SSR is a ratio that compares the supply of Bitcoin to the supply of stablecoins. According to Glassnode, a low SSR indicates that stablecoins in circulation have more purchasing power to purchase BTC.
Van de Poppe explains,
“The Bitcoin: Stablecoin Supply Ratio (SSR) remains at an all-time low. That is, there is a lot of liquidity sitting on the sidelines waiting to be pushed into the markets. A big run is still ahead of us.”