200M USDT and 25M USDC just minted while whale transferred 3581 BTC and 38M XRP, whether the price is pumping?

Recently, the crypto community is closely monitoring the actions of whales as a series of mass transfers of coins. And today is no exception. A series of actions regarding USDT, USDC, BTC, and XRP has taken place, and people are considering whether the recent activity provides any insight into the next destination of the cryptocurrency market.

Minted and transferred USDT, USDC

Traders were excited when Tether issued 200M USDT at the treasury.

The reason why traders are excited is that in history, every time Tether minted USDT, the price of BTC would increase accordingly. According to a recent analysis from analyst firm TokenAnalyst, the creation of the new USDT has a strong correlation with past Bitcoin rallies. When USDT was just minted, the company saw a BTC price increase of 70% of the time.

Many traders were expecting a new pump after Whale Alert reported on the USDT mining.

A trader with the nickname CryptoPortfolio humorously tweeted that “why not 200000000…0000?”

Given the frequency of Tether’s USDT issuance, a trader raises the question of whether Tether is competing with the US Fed?

However, Tether has given a good reason. It turned out that this was part of Tether’s attempt to replace obsolete Omni-based tokens with Ethereum-based tokens.

The result of today’s USDT mining will not increase Tether’s supply and is unlikely to have an impact on the market. And the fact is that the Bitcoin price is currently down by nearly 2% at the time of writing.

Less than 20 hours later, a transfer of the same amount of USDT from Binance to the Tether Treasury. Some traders believe that this is a sign of the Matic’s dump profit.

Meanwhile, 25M USDC has also been minted at USDC Treasury. An hour later, the same amount of USDC was transferred from the treasury to an unknown wallet, according to Whale Alert.

Source: Whale Alert/ Twitter

Transferred BTC, XRP

Bitcoin whales are also emerging at the beginning of the week. Over the past 24 hours, the whales have transferred 3581 BTC (~ $26.8M).

Whales transfer BTC USDT XRP

Source: Whale Alert/ Twitter

Meanwhile, traders are trying to determine why a large XRP whale is moving 38,000,000 XRP (~$ 8.6M) from Bitstamp to the Uphold, a cryptocurrency platform that allows traders to buy and sell some digital assets.

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