Bitcoin, which reached its historical peak of 73 thousand dollars in March, continued its volatile movements and dropped below 61 thousand dollars over the weekend. Bitcoin’s decline literally shattered altcoins. It is estimated that some individuals or institutions made significant purchases during this sharp decline.

300 million USDT to two exchanges

According to the information shared by the on-chain tracking platform Lookonchain, a total of $297 million USDT was transferred from the Tether Treasury to Bitfinex and Kraken exchanges on Saturday and Sunday, when the big price drop occurred. It was also noteworthy that the market started to recover after these transfers.

As it is known, Tether Treasury holds the tokens of large individuals and institutions holding USDT. These wallet owners, who share their KYC information with the Tether company, can sometimes request real US dollars from the company in return for their USDT. Therefore, there is a high probability that these account holders making purchases are from large fund companies…

The intelligence that Iran would launch a missile and drone attack on Israel was reported by global media institutions on Friday evening, and the expected attack took place on Saturday night. This action caused one of the fastest and sharpest declines in history in cryptocurrencies. Bitcoin dropped nearly 10% in 1 hour and fell below 61 thousand dollars.

The largest cryptocurrency, which rose above 64 thousand dollars again on Sunday, first exceeded 65 thousand dollars in the early hours of this morning, and then rose above 66 thousand dollars with the Hong Kong ETF news.

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