Whales made significant moves on the South Korean exchange Upbit, transferring large amounts of Tether’s USDT stablecoin to seize coins at discounted prices following a flash crash in Bitcoin (BTC) and other cryptocurrencies triggered by South Korea’s martial law declaration.
According to blockchain analytics firm Lookonchain, over $163 million in USDT was transferred to Upbit within an hour of President Yoon Suk Yeol’s announcement of emergency martial law. The president accused opposition parties of siding with North Korea and undermining the country’s constitutional order.
USDT, the leading dollar-pegged stablecoin, is widely used for purchasing cryptocurrencies. The influx of USDT suggests that traders were actively hunting for bargains.
“Many whales transferred large sums of USDT to Upbit, likely aiming to take advantage of bottom-fishing opportunities,” Lookonchain shared on X (formerly Twitter).
Following the martial law announcement, Bitcoin dipped as low as $63,000 on Upbit before recovering to around $94,000, still below the global average price of $95,800, as per TradingView data.
The state of emergency may raise concerns about censorship, leading more investors to seek out seizure-resistant assets like Bitcoin.
