Halving pump? Over $28 million USDT Transferred to Binance

It’s the homestretch for Bitcoiners. The network will in approximately four hours halve their miner rewards from 12.5 BTC to 6.25 BTC in a seismic turbulence that, if forthcoming events sync with history, will massively bulwark the network and even bolster the demand for the world’s most valuable digital asset—BTC.

As the trading and investment community eager waits for heighten volatility, whales are apparently flowing in. A tracker who monitors their movement has just posted on Twitter that someone moved $28.2 million or (28.3 million USDT) to Binance.

🚨 🚨 28,300,000 #USDT (28,224,810 USD) transferred from unknown wallet to #Binance

Tx: https://t.co/hNStTemaKM

— Whale Alert (@whale_alert) May 11, 2020

Whales Flowing in, is this the beginning of a Price Pump?

Binance is a top choice destination for most traders out of the US considering the range of assets they support, the CEO’s ambitions, and deep liquidity.

If, therefore, Bitcoin is king and preferred by investors because of its liquidity depth, distribution, and its resilience, it is highly probable that these funds will be channeled if not directly to Bitcoin then to one of its derivatives products like Bitcoin Futures or Options.

Meanwhile, USDT is the most liquid stablecoin that has its advantages. Unless most coins that require KYC for acquisition, there are indicators that reveal an absence of stringent measures by Tether Limited when issuing the coin.

Moreover, that USDT can be minted on Ethereum as an ordinary ERC-20 token, Tron, and its original network, Omni, represents diversity. Different investors with varying needs can therefore opt for any blockchain standard and request for generation from Tether Treasury.

The circulation amount of #TRC20– #USDT issued by @Tether_to on #TRON network exceeded 1.6 Billion. 🎉🎉🎉🎊🎊🎊 pic.twitter.com/l7sHiOt7up

— Justin Sun (@justinsuntron) May 9, 2020

Strong Fundamentals ahead of Bitcoin Halving

The entry of whales a few hours to halving is a boost since Bitcoin fundamentals are already stronger. For instance, since the last halving in 2016, Glass Node data reveals that the number of Bitcoin addresses continue to increase quarterly.

1/ #Bitcoin fundamentals are stronger than ever.

As the halving approaches, let’s zoom out and look at how on-chain fundamentals have developed historically, and how they compare to the last halving.

TL;DR – Network fundamentals are compelling; long-term bullish $BTC

THREAD 👇 pic.twitter.com/7ck4TK3iHa

— Rafael Schultze-Kraft (@n3ocortex) May 10, 2020

There are over 30 million unique BTC addresses and on average, over 350,000 addresses are created every day. Besides, the number of addresses who own over 0.1 BTC now exceed 3 million while there are over 800,000 wholecoiners. This means the network is satisfactorily diversified.

Additionally, even in the face of an expected miner capitulation, the network hash rate is at around their all-time high.

#Bitcoin hash rate hit a new all-time high. pic.twitter.com/XtPbZRU8wp

— glassnode (@glassnode) May 3, 2020

Article Name

Halving pump? Over $28 million USDT transferred to Binance

Description

Ahead of Bitcoin halving, BTC fundamentals are strong. Already a whale pumped in over $28 million, a sign of confidence and a precursor to a price pump.

Dalmas Ngetich

Publisher Name

Publisher Logo