Tether CEO Paolo Ardoino said a recent massive minting in the company’s treasury was aimed at inventory purposes, while cryptocurrency advocates assumed a bullish thesis due to whale activity with USDT.
Whale Alert noted that $1 billion USDT was minted in Tether’s treasury on Nov. 22, prompting talks among proponents about inflows into cryptocurrencies and rising token prices as part of an upcoming bull run.
Responding to the news, Ardoino stated that the transaction was intended to support USDT liquidity on the Tron blockchain. Ardoiño noted that the amount would be designated for future issuance requests on the Justin Sun decentralized network.
At the same time, chain surveillance store. Watch chain reported on one particular crypto whale receiving at least $1.1 billion USDT in a 30-day period from October 20 to November 21.
The whale has deposited some of these assets on exchanges such as Binance, Coinbase, Kraken, and OKX, likely to purchase cryptocurrencies available on these platforms.
This type of activity is often considered a bullish indicator and a sign that the “smart money” is accumulating tokens ahead of significant price movements. USDT’s market capitalization stood at $88 billion at press time, an increase of $20 billion since the beginning of 2023, according to Coingecko.
crypto.news cited a report that said digital asset inflows in 2023 had surpassed levels seen throughout 2022, following a surge in demand for crypto investment products. Coinshares recorded the largest influx of money into cryptocurrencies since July 2022.
Cryptocurrency prices have also seen gains on expectations that the Securities and Exchange Commission could soon approve a Bitcoin spot ETF, a development that experts say would bring billions to the Bitcoin (BTC) market. .
