The financial world is already feeling the impact as the world eagerly awaits the U.S. Federal Reserve’s announcement on interest rates later. Lookonchain, a leading on-chain analytics firm, has just revealed on Twitter the staggering amount of money being transferred in anticipation of the announcement, sparking a frenzy of speculation and analysis across the market.
Tether Treasury’s massive transfers
Recent findings by Lookonchain reveal a massive transfer of stablecoins from the Tether Treasury to institutional addresses in the past week. Bastion Trading is the biggest recipient of this crypto windfall, netting more than 230 million USDT. Meanwhile, 0x6B8F was among the beneficiaries, receiving 25 million USDT before reaching meaningful exchanges like FalconX, Coinbase, and Binance. These blockbuster transfers are sending ripples across the market and fueling intense speculation about the future of stablecoins.
Tether minted 1B $USDT again on #Tron 1 hr ago.
162.5M $USDT was transferred to #Binance and 28.6M $USDT was transferred to #Kraken.https://t.co/LdPcaJYjDihttps://t.co/PhryJjRgls pic.twitter.com/lDwmCjNUti
— Lookonchain (@lookonchain) March 20, 2023
Tether, the biggest issuer of stablecoins, has been making waves in the crypto world lately. In the past week alone, they’ve created an impressive 5 billion USDT on Tron and Ethereum blockchains. With all that new money floating around, it’s no surprise that some of it have reached the popular trading platform Binance, receiving a hefty 162.5 million USDT on March 20th. Meanwhile, Kraken also got a piece of the action with 28.6 million USDT transferred on the same day.
Lookonchain’s Bitcoin insights
For the past year, Lookonchain has been closely tracking Bitcoin’s price movements in relation to the Federal Reserve’s interest rate decisions. Despite analyzing the data extensively, the analytics firm has found that predicting BTC’s movement based on the interest rate decision is complex, even when the actual rate matches the forecast.
As the traditional banking system reels from the collapse of three major institutions in just a week, trust in the system is rapidly eroding. Against this backdrop, the flagship cryptocurrency has held steady at an average price of around $28,000 over the past few days. With traders and investors rushing to secure more Bitcoins, digital currency is emerging as a viable alternative to traditional finance.