This article was originally published here.
Crypto whale watchers are tracking the creation and transfer of 300,000,000 Tether (USDT).
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 300,000,000 #USDT (301,043,937 USD) minted at Tether Treasury
— Whale Alert (@whale_alert) September 12, 2019
The big batch of USDT was minted on Thursday and quickly sent to the crypto exchange Binance.
Traders speculate that the transfer is part of Binance’s push to switch from using USDT tokens based on the Omni blockchain to USDT tokens built on the Ethereum blockchain.
Whale watchers carefully track the creation of new USDT because historically, when Tether mints new USDT, the price of Bitcoin often rises shortly thereafter.
Aside from the big USDT transfer, crypto whales have been relatively quiet in recent days.
On Tuesday, a whale moved nearly 20 million EOS worth $74.0 million off of the crypto exchange Huobi to an unknown wallet.
— Whale Alert (@whale_alert) September 11, 2019
In addition, three large XRP transfers, all between unknown wallets, were spotted on Monday. The transfers moved a total of 200 million XRP worth $52.0 million.