USDT moving to Kraken and Tether's wallets, market capitalization down 28% from the start of the month
USDT Under Scrutiny at Kraken and Tether Treasury
According to Tether Rich List, Kraken wallet balance stands at approximately 47.93 million USDT as of 11:57 on the 21st (UTC), ranking 8th by asset holdings. The analysis below also indicates that Bitfinex’s USDT has been moved to Tether Treasury.
Two weeks ago on October 7, Kraken’s Tether wallet was 22nd, with a balance of 21.6 million USDT at that time. Looking at the Rich List archive, between late December 2017 and early October this year, wallet balances fluctuated roughly between 10 million and 24 million USDT.
The current balance, in other words, is a notable outlier. Several analysts suggest that traders are looking to convert USDT into dollars.
Kraken is one of the few exchanges offering direct trading between USDT and the dollar. Inflow of Tether to Kraken is seen as a signal that doubts about USDT still linger. Earlier this week, the price of Tether fell well below $1.00.
