PYUSD Transfer Leads $450 Million in Three-Hour Crypto Moves

Four crypto transfers totaling $450 million were recorded in the three-hour window ending at 11 a.m. ET Friday, with $215 million directed to exchanges and the largest move between unknown wallets.

At 10:57 a.m. ET, 235 million PYUSD valued at $235 million moved from one unknown wallet to another. The transfer was recorded as moving between two unknown wallets.

The three exchange-bound transfers accounted for $215 million. At 8:20 a.m. ET, an unknown wallet sent 108.2 million USDT worth $108.2 million to Bitfinex. At 10:56 a.m. ET, two transfers from unknown wallets sent 713 Bitcoin (BTC) worth $54.9 million and 673 BTC worth $51.9 million to Coinbase Institutional.

No transfers from exchanges to unknown wallets were recorded in the window. The activity came after a separate three-hour transfer tally ending at 8 a.m. ET, covering the preceding period on Friday.

Market participants may watch exchange deposits as potential selling activity and transfers away from exchanges as potential holding. The direction and value of these four transfers show where the assets moved, but do not establish what their owners intend to do.