Whales Control 80% of Global Tether Supply

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Whales reportedly own about 80% of the total Tether (USDT) supply sparking fears of bitcoin (BTC) price manipulation. Tether Whale Supremacy According to a report by Coin Metrics, 318 addresses own 80% of the current total supply of the Tether stablecoin. quoting excerpts from the Coin Metrics study reported that these addresses own at least $1 million in USDT. The report also revealed that major exchanges like Binance and Bittrex are among the USDT whales. Tether accounts for a significant portion of cryptocurrency trades across several platforms in the market. Other major players include high-volume crypto traders in China. As previously reported by , Tether is finding significant utility in China for facilitating trade with Russia. Chinese traders are reportedly buying between $10 million to $30 million worth of Tether on a daily basis. Whales owning significant portions of total crypto supply isn’t in itself a novel occurrence. However, the…

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