$12M USDT Transferred to Binance as Cryptocurrency Bulls Try to Keep up Momentum
Around $12M USDT has just been transferred into Binance. The inflow of money into the exchange may indicate that the recent bullish momentum in the cryptocurrency market still has legs.
Whale Alert (@whale_alert) is reporting that 11,988,000 USDT has just been deposited into Binance.
The large transfer came from an account associated with a TRON address, with the USDT being represented on the TRON network.
Such a transfer is rare and the address is currently unknown.
11,988,000 #USDT (11,977,149 USD) transferred from unknown wallet to #Binance — Whale Alert (@whale_alert) October 10, 2019
Many are responding to the deposit as an indication that a further altcoin spike is coming.
In the past few days, the rest of the cryptocurrency market has been rising faster than Bitcoin (BTC) but has stalled today.
The Bitcoin price is still holding strong above the $8,600 price point — but some other cryptocurrencies are retracing.
Another Large Deposit Hits Bitstamp
Another large deposit to an exchange was also made today on Bitstamp. 1,200 BTC (~$10.2M) was transferred to the exchange — although this one seems less optimistic than the recent Binance deposit.
It seems clear that the BTC is being moved to dump, but it remains to be seen whether it will move the market at all. Whale Alert (@whale_alert) set off signals earlier today about the move.
1,200 #BTC (10,289,078 USD) transferred from unknown wallet to #Bitstamp — Whale Alert (@whale_alert) October 10, 2019
Cryptocurrency Whales Split on the Where the Market Is Headed
In all, it seems that even major players are unsure over the short-term future of the market. On the one hand, you have a $12M USDT deposit presumably to make a purchase on Binance. On the other hand, someone just deposited 1,200 BTC with the possible intention to sell them on Bitstamp.
So, if you’re not a whale, you may be better off HODLing through these testy times.
The short-term future of the cryptocurrency may be uncertain, even for the whales, but the long-term prospects still look as bullish as ever.
Where do you see the cryptocurrency market headed in the next few weeks? Let us know your thoughts below in the comments.Â
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