A 1.4-year-old wallet moves $48.96M USDT onto Hyperliquid as stablecoin flow runs cash-positive
The single largest tracked move in six hours lands on a perpetuals venue, arriving during a 24-hour window where USDT inflows to exchanges outpace outflows by $391.75M.
The trigger transaction sent $48.96M USDT directly to Hyperliquid. Separately, on-chain tracing shows recent outgoing activity from this wallet reached exchange wallets in one hop - that route is not tied to these specific funds.
The wider 24-hour picture shows $1.05B USDT entering exchanges versus $658.25M leaving across 67,118 transfers, pointing to a net accumulation of deployable liquidity on venues rather than de-risking.