Tether Whales Move Over $533,000,000 in USDT Amid Broad Digital Asset Market Correction – Here’s Where the Crypto Is Going

A severe market correction coincided with a surge in activity from crypto whales, who moved over half a billion dollars worth of stablecoins in a matter of hours, according to a whale-watching bot.

As Bitcoin started to breach the $50,000 level at around 01:30: UTC on Saturday, hundreds of millions of dollars in crypto began flowing between exchanges and wallets.

Whale Alert flagged one of the largest stablecoin transfers in the past day as a deep-pocketed crypto investor moved $116.68 million worth of Tether (USDT) from global crypto exchange Binance and into a wallet of unknown origins.

Also making a splash was another transfer from a different whale on Binance, who moved $118.87 million worth of USDT into an unknown wallet.

Other big transfers that were spotted during the crypto market crash were:

Whale Alert also spotted a massive Bitcoin transfer. The entity shifted 15,074 BTC worth $720.62 billion between wallets of unknown origins.

The whale transfers occurred during one of the largest crypto market meltdowns in recent memory. According to data from Coinglass, about $2.5 billion worth of trades have been liquidated in the past 24 hours.

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Featured Image: Shutterstock/spainter_vfx/Elzza