Tether Transfer Worth $239.7 Million Leads $1.72 Billion in Crypto Moves

Eleven large crypto transfers totaling $1.72 billion took place in a three-hour period ending at 1:01 p.m. ET Nov. 2, led by a $239.7 million Tether (USDT) transfer from Binance to an unknown wallet.

The Binance transfer occurred at 11:41 a.m. ET. Five transfers from exchanges to unknown wallets totaled $978.3 million. They included 3,000 Bitcoin (BTC) worth $232.6 million from Binance at 11:56 a.m. ET; 2,920 BTC valued at $227.3 million from Coinbase Institutional at 10:56 a.m. ET; and 200 million USD Coin (USDC) worth $200.1 million from Binance at 10:58 a.m. ET. A further 34,382 Ether (ETH) worth $78.6 million moved from Coinbase Institutional to an unknown new wallet at 10:57 a.m. ET.

A separate 103 million USDC transfer worth $103 million went from USDC Treasury to an unknown wallet at 11:41 a.m. ET. Including that transfer, the six transfers to unknown wallets totaled $1.08 billion.

Four transfers from unknown wallets into exchanges totaled $468.2 million. They included 2,213 BTC worth $172.3 million to Coinbase Institutional at 10:56 a.m. ET and 1,859 BTC valued at $144.7 million to Kraken at 10:57 a.m. ET. Another 994 BTC worth $77.4 million went to Coinbase at 10:56 a.m. ET, while 32,304 ETH valued at $73.8 million went to Coinbase Institutional at 10:57 a.m. ET.

The remaining transfer was 172.7 million USDT worth $172.5 million from Bitfinex to Tether Treasury at 11:26 a.m. ET. Earlier on Nov. 2, a separate roundup covered six transfers totaling $1.12 billion, including a $239.7 million USDT transfer to Binance.

Exchange deposits are sometimes watched as potential selling activity, while transfers away from exchanges may be viewed as potential holding. The transfer directions alone do not establish what recipients intend to do.