Key Points
- Tether Treasury just minted 1 billion USDT on Ethereum.
- In the past year, Tether Treasury minted a total of 32 billion USDT.
According to recent reports from Lookonchain, Tether Treasury minted 1 billion USDT on Ethereum in the past hour.
In a new post on X, Lookonchain also noted that during the past year, Tether Treasury has minted a total of 32 billion USDT.
On July 16, Lookonchain announced that the Tether Treasury minted another 1 billion USDT on Tron Network this time, after a month. Back then, they had minted a total of 31 billion USDT in the past year.
Whale Rebuilds Ethereum Position
Also, earlier today, Lookonchain noted that a whale who was liquidated for 2,890 wrapped staked Ethereum (wstETH) worth about $8 million during the market crash on August 5 is back to buying and long ETH again.
According to blockchain data, the whale borrowed $6.6 million in DAI, $2.7 million in USDT, and $2.5 million in USDC since August 11 to acquire 4,459 ETH at an average price of $2,646 per coin.
The total purchase is reportedly valued at $11.8 million.
The whale address was identified as 0x940df59ba33f3387deff3c2400fecf1286fcce4c and has become active again after the liquid liquidation. This shows a renewed long position in Ethereum despite the recent volatility that we’ve seen in the market.
The whale’s decision to re-enter the market with important leverage suggests its confidence in Ethereum’s potential recovery.
The on-chain activity comes following the Crypto Black Monday as some in the crypto industry called August 5 when both equities and crypto markets saw significant declines following a “correlation-1” event, as noted by Glassnode. Such an event means that usually uncorrelated assets become correlated and move in the same direction.
Regarding Ethereum‘s price today, at the moment of writing this article, ETH is trading above $2,640, following the $2,200 dip that the coin experienced at the beginning of August during the global market decline.
Earlier today, ETH reached prices above $2,700.
