- About 75% of the USDT sent to Binance since November 2023 has originated from whale wallets.
- Large crypto holders are choosing Binance for this stablecoin’s transactions.
- Fewer daily USDT withdrawals on exchanges have been recorded, going from 65,000 in March to 42,600 by the end of May.
There is now proof from CryptoQuant that USDT (Tether) on Binance, the biggest cryptocurrency exchange, has largely come from whales. Over 75% of all the Tether-issued stablecoin sent to Binance by whales in the past two months has been deposited by the same group of investors.
Also, based on regular monitoring over the past few months, it is clear that large players tend to trade stablecoins on Binance. According to JA Maartun in a post on CryptoQuant, it appears that whales tend to use Binance more than other platforms for TRC-20 USDT transfers.
Analysts believe that their reason could be that it is fast and lets them handle higher volumes at a lower cost.
Chart Shows that Whales Control a Large Amount of Binance’s USDT Deposits
The chart below gives an additional way to review the analysis. The data focuses on flow into Binance, from November 2023 to May 2025, dividing between transfers from whale investors and transfers coming from retail investors.
Source: X @cryptoquant_com
The chart marks whale inflows with purple and retail inflows with orange. Eventually, the purple section becomes larger on the chart, and the orange section, representing retail, shows up less often and is smaller.
After December 2023, the flurry of whale transactions increased and became the main influx source for these tokens. There are some moments when retail investor activity increases, but this is quickly outdone by the continuous activity of whales.
The Amount of Tether (USDT) being Transferred out of Exchanges Drops
According to recent CryptoQuant figures, there has been less Tether-issued stablecoin leaving exchanges during the last month. In early May, more than 65,000 USDT was withdrawn daily from all exchanges, but this fell to just over 42,600 USDT by the end of May.
It fits the market norm, as traders often wait for clearer cues before trading in big volumes.
Source: CryptoQuant