- Tether minted $3B USDT on Ethereum and Tron as high-risk wallets received $649B in 2024, sparking concerns over illicit flows.
- Ethereum whales offloaded 262K ETH amid April’s rally, showing inverse moves as prices surged from $1.67K to $1.82K.
- TRX held strong above $0.24 in April despite fading momentum and volume, signaling bullish structure despite short-term weakness.
Tether has minted $3 billion worth of USDT on Ethereum and Tron in just two days according to Spot On chain. This aggressive activity includes a $2 billion mint on Ethereum alone. The surge comes amid heightened scrutiny over stablecoin movements on major blockchains. Bitrace’s 2024 crypto crime report highlights Ethereum and Tron as the most targeted networks by illicit entities.
High-risk wallets received over $278 billion in stablecoins this year, exceeding previous years. Moreover, addresses tagged as high-risk absorbed nearly $649 billion in stablecoins in 2024 alone. This renewed minting spree sparks deeper concerns as these blockchains continue dominating illegal transfer routes.
Ethereum Whales Trim Positions During April Rally
Ethereum’s price saw wild swings throughout April, with notable whale activity shaping the trend. Mid-sized holders owning 1k–10k ETH made key moves during these fluctuations. According to CryptoQuant, these wallets sold over 262,000 ETH, worth around $445 million.
Source: Ali
Their sales aligned closely with price spikes, particularly after April 20. When prices dipped in early April, whales accumulated heavily between April 8–14. By April 9, their balances peaked at 12.73 million ETH, while ETH traded around $1,669.
However, as prices rallied to $1,821 by April 26, these same holders reduced balances to 12.46 million ETH. Hence, accumulation during dips and distribution during rallies reflected smart repositioning strategies. This inverse behavior between price and holdings continued across April.
TRX Shows Resilience Despite Recent Weakness
TRON (TRX) has shown strength since mid-March, even with recent softness. The 4-hour Binance chart places TRX at $0.2434 as of April 30, marking a mild 0.37% drop. TRX began its rise from $0.225 in mid-March, hitting $0.26 by mid-April. The price then corrected, consolidating in the $0.24–$0.25 range.
Source: CryptoRank
Notably, the Awesome Oscillator signals short-term bearish pressure, reading -0.0019. Besides, Accumulation/Distribution tracks at 14.73 billion, revealing fading momentum. Several price rejections occurred near the $0.256 resistance level. Despite this, TRX maintained higher lows through April, suggesting a continued bullish undertone. However, reduced trading volume warns of declining market interest short term.
