Could this be a signal for a bullish momentum on Bitcoin’s (BTC) or altcoins’ market?
According to reports from Whale Alerts, a crypto data aggregator, over $70 million worth of Tether (USDT) stablecoin moved from the Tether Treasury to Binance exchange. The big movement of USDT to exchanges usually signals a possible oncoming uptrend in the crypto market.
Over $70 Million Worth of USDT Transferred to Binance
The data from Whale Alerts shows three transactions sent to Binance from the Tether Treasury in the past 24 hours. During the mid-morning session in the Asian market 30,000,000, USDT tokens were transferred to Binance. However, the price of BTC remained stable in the $9,100 giving signals of a possible accumulation period at these price levels.
Two more transactions, one worth 30 million USDT and the other 10 million USDT were transferred to the world’s largest crypto exchange later in the day.
— Binance (@binance) May 23, 2020
Back on April 30, the exchange received over 50.5 million USD from the Tether Treasury in what coincided with Bitcoin’s bull run to $10,000 at the start of May. While this may have been to prepare a liquid market for the Bitcoin halving event, a similar boost may be on the cards.
Bitfinex sister company, Tether, has been printing USDT since the March crash like never before. At the start of January, the total supply of USDT stood at $4.11 billion before climbing to $4.6 billion a fortnight later. However, since the start of April, USDT supply has skyrocketed by 40% to $6.3 billion, as at the time of writing.
Bitcoin Target to $10,000 USD As Institutional Accumulation Pops
Bitcoin’s ascendant rise to $10,000 looks set on the cards with the XBT contract price charts signaling a bullish run in the coming weeks. The continuous printing of USDT may also set off the fire to start a crypto market bull run in the second half of the year. Notwithstanding, the fundamentals of BTC have seen a spike in institutions looking for investment opportunities on the asset.
Grayscale’s Bitcoin Trust is on a whole new level in 2020.
Average weekly investment (Q1 2019): $3.2 million
Average weekly investment (Q1 2020): $29.9 million
Institutional money has arrived. pic.twitter.com/5BMJURWqBZ
— Kevin Rooke (@kerooke) May 23, 2020
Grayscale, a widely known BTC institutional hedge fund announced an 840% increase in average weekly investment from Q1 2019 TO Q1 2020, with nearly $30 million in average weekly investments. A call to $10,000?