On October 2, 2023, two transactions of 50 million Tether (USDT) were made from Bitfinex to the "Tether Treasury," according to Whale Alert transfer receipts. Both transactions occurred just two minutes apart. The first lump sum of 50 million USDT occurred at 9:43 am UTC and was worth approximately $50,039,125. The second was at 9:45 am UTC with a value of approximately $50,038,875.

These massive transactions have sparked commentary in the crypto community, which has responded to the massive transfers by calling the situation a "pumping". This refers to inflating a stock, or in this case a specific token, to attract investors to that particular asset.

However, market intelligence platform Santiment posted on Sept. 29 about current market trends, including an observation that Tether's "sharks and whales" are gaining purchasing power, which it said is "generally a bullish combination." Despite this, Tether has seen an increase in stable Tether-based loans in 2023.

Source: https://twitter.com/whale_alert/status/1708779743158350233 https://twitter.com/whale_alert/status/1708780150358237387