Tether whale received $1.1b USDT since October, buoying bullish speculation

Tether CEO Paolo Ardoino said a recent massive mint at the company’s treasury was intended for inventory purposes, while crypto proponents surmised a bullish thesis due to whale activity with USDT.

Whale Alert pointed to $1 billion USDT minted at Tether’s treasury on Nov. 22, propelling chatter among proponents around inflows to cryptocurrencies and rallying token prices as part of an upcoming bull run. 

Responding to the news, Ardoino stated that the transaction was earmarked to support USDT liquidity on Tron’s blockchain. Ardoino noted that the amount would be designated for future issuance requests on Justin Sun’s decentralized network.

At the same time, on-chain surveillance shop LookOnChain reported a particular crypto whale who has been the recipient of at least $1.1 billion USDT within a 30-day period, from Oct. 20 to Nov. 21.

The whale has deposited some of these assets on exchanges like Binance, Coinbase, Kraken and OKX, likely to purchase cryptocurrencies available on these platforms. 

This sort of activity is typically flagged as a bullish indicator and a signal that “smart money” is accumulating tokens ahead of significant price movements. USDT’s market cap was up to $88 billion at press time, a $20 billion increase since the start of 2023 according to Coingecko.