On Tuesday, over $1 billion in $USDT was withdrawn from crypto exchanges, marking the highest single-day withdrawal since May, as reported by @intotheblock.
In recent days, the focus has been on Cumberland, a major player in the crypto market, which has been actively moving large sums of $USDT. In the past 48 hours, Cumberland transferred $320 million in $USDT from the Tether Treasury to various centralized exchanges (CEXs).
Notably, wallet 0x1db, believed to be associated with Cumberland, received $95 million from Tether Treasury and subsequently deposited it across multiple exchanges within the last day.
The distribution included $38 million to Coinbase, $26.9 million to OKX, $25.1 million to Kraken, and $5 million to Binance.
Recent $USDT Transfers To Monitor
Since August 5, following a market downturn, Cumberland has received $1.28 billion in $USDT from Tether on the Ethereum network and has sent $1.23 billion to exchanges. This distribution was significant, with $639.6 million allocated to Coinbase, $288.5 million to Kraken, $180.2 million to OKX, $86.6 million to Binance, and $32 million to Bullish.
#Cumberland further transferred 320M $USDT from #TetherTreasury to CEXs in the past 2 days!
Since Aug 5, Cumberland has received 1.28B $USDT from Tether on Ethereum and sent 1.23B $USDT to exchanges, with the top 3 including:
• $639.6M to #Coinbase
• $288.5M to #Kraken
•… https://t.co/WzPsNpG86O pic.twitter.com/L9t7ONh2pJ— Spot On Chain (@spotonchain) August 16, 2024
In addition, Circle has recently minted $250 million in $USDC on Solana, further increasing its presence in the stablecoin market. Since April 2, Circle has created a total of $4.5 billion in $USDC on Solana, highlighting the ongoing expansion of stablecoin use in the crypto ecosystem.
Circle minted 250M $USDC on #Solana again 5 hours ago!#Circle has minted a total of 4.5B $USDC on #Solana since Apr 2.https://t.co/xwTSiEOI3e pic.twitter.com/2R6UscbF2A
— Lookonchain (@lookonchain) August 16, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.