Million

USDC

<ul>
 <li>On-chain analyst Lookonchain tracked 33.9 million USDT stablecoins withdrawn from Circle and deposited into Kraken.</li>
 <li>The USDT originated as USDC and was swapped and routed to Kraken in two separate transactions.</li>
 <li>Santiment reported a spike in Tether stablecoin activity, with active wallets and exchange deposits reaching multi-month highs.</li>
</ul>
<p>On-chain analyst Lookonchain recently tracked two wallets withdrawing a combined 33.9 million <a href="https://thenewscrypto.com/?s=USDT" target="_blank" rel="noopener noreferrer nofollow">USDT</a> stablecoins from Circle and depositing them to major U.S. exchange Kraken.</p>
<p>While the entity behind the wallets is unknown, Lookonchain suspects the same institution controls both addresses based on the precise timing of the USDT transfers.</p>
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   <p lang="en" dir="ltr">It seems that an institution has injected $33.9 million into the cryptocurrency market.<br><br>0x6A55 and 0x57B4(probably the same person) withdrew <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a> from <a href="https://twitter.com/hashtag/Circle?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Circle</a> and swapped <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a> for <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a>, then deposited <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> to <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kraken</a>, depositing a total of 33.9M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDT</a> to <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kraken</a>. <a href="https://t.co/6MqvtBcNKL" rel="noopener noreferrer nofollow">pic.twitter.com/6MqvtBcNKL</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1712039214236475639?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 11, 2023</a>
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<p>The USDT originated as USDC before getting swapped and routed to Kraken in two separate transactions.</p>
<h2 class="wp-block-heading" id="h-santiment-identified-spike-in-usdt-activity">Santiment identified spike in USDT activity</h2>
<p>Meanwhile, Santiment <a href="https://twitter.com/santimentfeed/status/1711773772163031508" target="_blank" rel="noopener noreferrer nofollow">noted</a> an overall spike in Tether activity, with active wallets and exchange deposits hitting multi-month highs.</p>
<p>Wallets holding 1 million to 10 million Tether have increased stablecoin purchases. More of the stablecoin appears to be mobilizing in anticipation of crypto buying.</p>
<p>While the motivation behind the mysterious $34 million transfer remains unclear, it exemplifies surging stablecoin activity behind the scenes.</p>
<p>Large OTC deals directly with exchanges allow major players to accumulate crypto without immediately impacting the price. But it often precedes market moves.</p>
<p>If institutional dollars are flowing back into crypto again, brokers like Kraken stand to benefit from OTC desk demand. The on-chain data offers glimpses of building trading interest bubbling beneath the surface.</p>

Mystery Institution Moves $34 Million in USDT to Kraken

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