- Whales have moved $4.2 billion worth of USDT out of exchanges in the last 10 days.
- This may have been caused by massive panic when USDC lost its $1 peg.
- USDC is almost back to $1 although people are reluctant in using it again for crypto transactions.
Whales have moved at least $4.2 billion worth of Tether USD (USDT) out of crypto exchanges in the last 10 days, according to a report by Santiment.
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As seen in the tweet above, four out of eight times that whales have moved more than $1 billion USDT in one transaction this year happened in the last week alone. Many attribute these fear-motivated transfers to the recent trials experienced by Circle USD (USDC).
However, it appears that USDT remains undeterred by these movements. The stablecoin remains at the top, especially with Tether announcing that it was not hit directly by the consecutive bank failures of Silvergate Bank, Silicon Valley Bank, and Signature Bank.
In addition, USDT still holds the top spot in terms of 24-hour trading volume at $88 billion, according to CoinGecko. BTC follows far behind with $69.3 billion, while ETH and BUSD take third and fourth place with $20.1 billion and $11.1 billion, respectively.
On the other hand, USDC is almost back to the $1 peg, although many are still reluctant in using it for transactions, as shown by its 24-hour volume of $7.8 billion.
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