A severe market correction coincided with a surge in activity from crypto whales, who moved over half a billion dollars worth of stablecoins in a matter of hours, according to a whale-watching bot.
As Bitcoin started to breach the $50,000 level at around 01:30: UTC on Saturday, hundreds of millions of dollars in crypto began flowing between exchanges and wallets.
Whale Alert flagged one of the largest stablecoin transfers in the past day as a deep-pocketed crypto investor moved $116.68 million worth of Tether (USDT) from global crypto exchange Binance and into a wallet of unknown origins.
Also making a splash was another transfer from a different whale on Binance, who moved $118.87 million worth of USDT into an unknown wallet.
Other big transfers that were spotted during the crypto market crash were:
- 117,317,418 USDT worth $117.31 million transferred from Binance to unknown wallet
- 35,999,976 USDT worth $35.99 million transferred from Binance to unknown wallet
- 31,841,112 USDT worth $31.84 million transferred from Kucoin to unknown wallet
- 30,737,954 USDT worth $30.73 million transferred from unknown wallet to CryptoCom
- 29,889,390 USDT worth $29.88 million transferred from Curve Finance to unknown wallet
- 28,600,257 USDT worth $ 28.60 million transferred from unknown wallet to Binance
- 23,344,312 USDT worth $23.34 million transferred from unknown wallet to Huobi
Whale Alert also spotted a massive Bitcoin transfer. The entity shifted 15,074 BTC worth $720.62 billion between wallets of unknown origins.
The whale transfers occurred during one of the largest crypto market meltdowns in recent memory. According to data from Coinglass, about $2.5 billion worth of trades have been liquidated in the past 24 hours.