Massive $500M USDT Outflow Hits Binance as Bitcoin Climbs Back to $65K

TL;DR:

• The on-chain tracker Whale Alert recorded the transfer of 500,000,000 USDT from Binance’s hot wallet to Tether’s treasury.
• The movement coincided with a local recovery in Bitcoin’s price, reaching a level of $64,964 on the Bitstamp platform.
• The market structure placed the volume Point of Control (POC) at $64,102, accompanied by a rebound in the RSI indicator toward the neutral zone of 40 to 60 points.

During Thursday’s session, a massive movement of capital was detected on the network, with a Binance USDT outflow worth 500 million tokens directly to Tether’s treasury. This transaction was executed while a rebound occurred in the price of Bitcoin. The pioneer cryptocurrency sought to overcome the $65,000 barrier in the spot market.

Fund relocation and liquidity dynamics

The monitoring system Whale Alert detected the exact transfer of 500,000,000 USDT issued under the ERC-20 standard of the Ethereum network. The funds moved directly out of a hot wallet managed by Binance and were deposited into an address controlled by Tether’s treasury.

… Continue reading the full article at the original source below.