Two $50M Tether Transfers From Bitfinex to Treasury Raise Questions Amid Declining Stablecoin Holdings

Two $50M USDT transactions from Bitfinex to Tether treasury occurred minutes apart on Oct 2, 2023.
Stablecoin holdings on exchanges have steadily declined over past year, after hitting all-time high in early 2021.
Some in crypto community call transfers a "pump" to entice investors to buy that asset.
Tether "sharks and whales" are gaining buying power, which is a bullish sign per Santiment.
Decline in stablecoins on exchanges comes as U.S. Fed calls them a potential "source of financial instability."

cointelegraph.com

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Posted 10/2/2023, 2:07:01 PM