As Bitcoin soared to its highest levels in more than a month, crypto whales moved hundreds of millions of dollars’ worth of Tether (USDT) on and off exchanges over the weekend.
Bitcoin current price
The price of BTC is currently $38,569.22 with the change of 2.46%. Last twenty-four hours trading volume of coin is $25,166,661,395. At the time of writing its market cap is $723,052,499,369.
The circulating, maximum and total supply of coin is 18,774,918.00 BTC, 21,000,000 and 18,774,918, respectively.
The global cryptocurrency market was valued at $1.63 trillion, down 3.38 percent from the day before. The global crypto market volume increased by 9.4% to $83.2 billion in the last 24 hours.
It’s important that Ethereum (ETH), the second biggest blockchain network, is expected to go through an innovative shift (London hard fork) that will altogether affect how exchanges are taken care of, just as cutoff the inventory of the ether token and significantly increment its cost.
An unknown wallet took more than $153.14 million in USDT from the lending platform Compound (COMP) in three separate transactions on Sunday, according to cryptocurrency tracker Whale Alert.
🚨 🚨 🚨 🚨 🚨 52,245,424 #USDT (52,245,424 USD) transferred from Compound Tether to unknown wallethttps://t.co/Lhw7BFYwed
— Whale Alert (@whale_alert) July 31, 2021
The individual behind the wallet is a deep-pocketed crypto holder, according to Etherscan, an Ethereum blockchain explorer, who is sending hundreds of millions of USDT in and out of Compound.
Four unknown wallets supplied more than $221 million in the dollar-pegged stablecoin to crypto exchanges over the weekend.
- A total of $50 million was sent from an unknown wallet to Binance in the amount of 50,013,043 USDT.
- 41,675,766 USDT was sent from an unknown wallet to Binance, totaling $41.67 million.
- 50,000,000 USDT ($50,000,000) sent from an unknown wallet to Binance
- Unknown wallet delivered 80,180,359 USDT worth $80.18 million to Binance.
With these major improvements, Michael van de Poppe, a well-known cryptocurrency trader and analyst, tells his 361,300 Twitter followers that the Bitcoin Stablecoin Supply Ration (SSR) remains low.
The #Bitcoin: Stablecoin Supply Ratio (SSR) is still at rock bottom.
Meaning that there’s tons of liquidity on the sidelines ready to be pushed into the markets.
A big run is still upon us. pic.twitter.com/MlhpvvScKu
— Michaël van de Poppe (@CryptoMichNL) July 31, 2021
“The Bitcoin: Stablecoin Supply Ratio (SSR) is still at rock bottom,” Van de Poppe explains. That is, there is a lot of liquidity sitting on the sidelines waiting to be pushed into the markets. We’re still in the midst of a great run.
SSR is a metric that compares the supply of Bitcoin to the supply of stablecoins. According to Glassnode, a low SSR suggests that stablecoins in circulation have more purchasing power for BTC.
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