Thursday, April 18, 2024

These are the six entities that purchased about $100 billion USDT from Tether.

USDT is one of the most popular cryptocurrencies as it is used to buy currencies that might not be available in some countries. It leverages the value of the Dollar and lets international users buy other cryptocurrencies.

But recently, 6 companies bought about $100 billion worth of USDT from Tether. Alameda Research, Cumberland Global, iFnex, Nexo and Heka are the 6 big whales that have bought huge amounts of USDT, with Alameda research leading.

The $108.5 billion USDT that they have bought is roughly 70% of USDT that has ever been released into the market. With whales moving and acquiring other big currencies like Bitcoin too, there is a chance that a bull run might be coming soon.

Tether has said that these buyers make almost 90% of all the USDT that has ever been sent. While trading funds received close to $9.2 billion, the small traders only received $2.35 billion.

Alameda research and Cumberland together bought $49 billion worth of USDT that is 55% of the coins ever released. These were acquired over the last year and Alameda has been using them to buy other cryptocurrencies too.

If you have been planning to get into cryptocurrencies, right now is the best time to do so. With the whales moving in and each currency gaining value, experts predict that soon these currencies might be out of reach for most. Not only that, you might as well miss the chance to earn money in these new-age DeFi systems.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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