Big amounts of USDT are moving to the Upbit crypto exchange. This suggests increased market activity, according to Lookonchain.

Here’s the scoop: A significant influx of Tether (USDT) to Upbit hints at traders looking to buy at lower prices. Bitcoin (BTC) has bounced back from a recent flash crash on Upbit, but it’s still trading at a slight discount compared to global prices.

Whales are making big moves on Upbit. They’ve transferred large sums of USDT to grab coins at discounted rates after the announcement of martial law, which caused a crash in Bitcoin and other token prices.

Data from Lookonchain shows that over $163 million in USDT was sent to Upbit within an hour of President Yoon Suk Yeol declaring a state of emergency. He accused the opposition of siding with North Korea and threatening the country's constitutional order.

USDT, the leading dollar-pegged stablecoin, is often used for buying cryptocurrencies. This recent influx signals that traders are looking for bargains.

“Many whales transferred large amounts of USDT to Upbit, likely aiming for bottom-fishing opportunities,” Lookonchain noted on X.

Bitcoin dropped as low as $63,000 on Upbit after the martial law announcement. It has since recovered to around $94,000, still a bit below the global average of $95,800, according to TradingView data.

This emergency situation might raise concerns about censorship. As a result, more investors could turn to assets like Bitcoin that are resistant to seizure.