Tether USDt Transfer Leads $894.3 Million in Three-Hour Crypto Moves

The $265.8 million Tether USDt (USDT) transfer from Bitfinex to Tether Treasury led a $894.3 million crypto tally through 4:01 p.m. ET Nov. 10, as exchange deposits edged out withdrawals to unknown wallets. The five transfers took place in a three-hour span.

At 2:06 p.m. ET, an unknown wallet sent 149.7 million USDT, worth $149.6 million, to Bitfinex. At 2:37 p.m. ET, 2,014 Bitcoin (BTC), valued at $147.7 million, moved between unknown wallets.

At 2:54 p.m. ET, 266,003,514 USDT moved from Bitfinex to Tether Treasury. A second transfer of 184.3 million USDT, worth $184.1 million, followed one minute later on the same route. At 3:08 p.m. ET, Kraken sent 2,000 BTC, valued at $147 million, to an unknown wallet.

Transfers from unknown wallets to exchanges totaled $149.6 million, slightly more than the $147 million sent from exchanges to unknown wallets. The transactions came after an earlier three-hour crypto transfer tally on Nov. 10.

Exchange deposits are often watched as potential selling, while transfers from exchanges to unknown wallets are often viewed as potential holding. The movements alone do not establish what recipients will do.