Recent Developments in Tether Treasury and Ethereum Whale Activity
Tether Treasury has recently minted 1 billion USDT on the Ethereum network. Over the past year, Tether Treasury has issued a total of 32 billion USDT, according to recent reports from Lookonchain.
In a post on X, Lookonchain highlighted that Tether Treasury minted an additional 1 billion USDT on Ethereum within the last hour. This follows an announcement made on July 16, when Lookonchain reported that Tether Treasury had minted another 1 billion USDT on the Tron network, marking the first minting in a month. At that time, the total minted over the past year was 31 billion USDT.
Whale Rebuilds Position in Ethereum
Earlier today, Lookonchain also noted the activity of a whale that was liquidated for 2,890 wrapped staked Ethereum (wstETH), valued at approximately $8 million, during the market crash on August 5. This whale has returned to the market, purchasing and going long on ETH once again.
Blockchain data indicates that from August 11, the whale borrowed $6.6 million in DAI, $2.7 million in USDT, and $2.5 million in USDC to acquire 4,459 ETH at an average price of $2,646 per coin. The total acquisition is valued at about $11.8 million.
The whale’s address has been identified as 0x940df59ba33f3387deff3c2400fecf1286fcce4c, and it has become active again following the liquidation. This suggests a renewed long position in Ethereum, despite the recent market volatility.
The whale’s decision to re-enter the market with significant leverage indicates confidence in Ethereum’s potential for recovery. This on-chain activity follows what some in the industry have dubbed Crypto Black Monday on August 5, when both stock and cryptocurrency markets experienced significant declines after a ‘1 correlation’ event, according to Glassnode.
As of the time of this article, Ethereum is trading at over $2,640, having dropped to $2,200 earlier in August during the global market downturn. Earlier today, ETH prices peaked at over $2,700.
