Over the last month, 0x561f551... pulls $1.27 Bil USDC from Circle via 0xad6eaa735...
It then buys USDT on Curve and sends nearly all of the USDT to Kraken via 0xd4d9163...
Kraken then sends the USDT to Bitfinex via 0x97dd9563... (2/n)
Note that roughly $800 million of these transactions have occurred over the last week. (3/n)
This is interesting because over the last weeks Kraken is seeing its highest Tether transfer volumes since the collapse of Luna, another moment when the Tether peg slipped.
However, last time the stress quickly resolved after May 12. This time, it appears to be persisting: (4/n)
These are not economically worthwhile trades; the current USDT/USDC exchange rate on Curve is 0.9995.
So who has the motivation to take massive amounts of USDC, buy USDT, and send it to Bitfinex?
Nearly all of the activity in the swapping wallet started in early November and has been ramping up since. What happened in early November again? (6/6)