According to @camillionaire_m, way over half of stablecoin volume runs on Ethereum and its Layer 2 networks, highlighting where settlement and liquidity may concentrate for stablecoin trading pairs. Source: @camillionaire_m, Twitter, Nov 14, 2025. She argues that choosing non-Ethereum rails for company stablecoin infrastructure is suboptimal, implying traders and firms may prioritize ETH and L2 venues for execution and settlement. Source: @camillionaire_m, Twitter, Nov 14, 2025. Based on this view, a practical approach is to route USDT and USDC flows primarily through Ethereum mainnet and major L2s, monitor gas costs and throughput as activity proxies, and compare spreads versus alternative chains before executing. Source: @camillionaire_m, Twitter, Nov 14, 2025.

According to Lookonchain, Circle minted an additional $1 billion USDC today, with the mint activity visible on Solana at account 7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE. Source: https://x.com/lookonchain/status/1989360186960867351 and https://solscan.io/account/7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE According to Lookonchain, combined stablecoin issuance by Tether and Circle has reached $13.25 billion since the 10/11 market crash. Source: https://x.com/lookonchain/status/1989360186960867351

According to the source, Tether CEO Paolo Ardoino said it is Bitcoin black friday in an X post on Nov 14, 2025, a sentiment remark that does not disclose any BTC buying or USDT issuance data, so traders should not infer Tether purchase activity from this comment and instead wait for confirmation from spot flows, derivatives funding, and USDT supply metrics before acting. Source: Paolo Ardoino on X, Nov 14, 2025.

According to @OnchainLens, the address labeled as the 66,000 ETH borrowed whale purchased 39,658 ETH worth $125.09M from Binance and supplied the ETH to Aave V3. Source: Onchain Lens on X, Nov 14, 2025; Debank profile 0x6e9e81efcc4cbff68ed04c4a90aea33cb22c8c89. The same address withdrew $10M USDT and repaid the outstanding loan, reducing leverage for the position. Source: Onchain Lens on X; Debank profile 0x6e9e81efcc4cbff68ed04c4a90aea33cb22c8c89. Net effect: higher ETH supplied on Aave V3 by this address and lower debt, confirming active accumulation and deleveraging by the whale. Source: Onchain Lens on X; Debank profile 0x6e9e81efcc4cbff68ed04c4a90aea33cb22c8c89.

According to @PeckShieldAlert, a whale address 0xceef...ba42 that supplied WBTC on Compound to borrow USDT and DAI was liquidated for 6.67 million dollars as BTC fell below 100K dollars, source: PeckShieldAlert on X, Nov 14, 2025. The structure reflected a leveraged long on WBTC by borrowing stablecoins against WBTC collateral, and the drop in collateral value triggered liquidation, source: PeckShieldAlert on X, Nov 14, 2025 and Compound Finance documentation. On Compound, liquidation occurs when an account health factor falls below the liquidation threshold, enabling liquidators to repay debt and seize collateral with an incentive, which explains the execution of this 6.67 million dollar unwind, source: Compound Finance documentation. The size of this liquidation signals immediate on-chain deleveraging in WBTC-linked positions at the time of the BTC price drop, source: PeckShieldAlert on X, Nov 14, 2025.

According to the source, Aptos (APT) overtook Ethereum (ETH) in 24-hour stablecoin supply change, signaling a short-term tilt of net stablecoin flows toward Aptos over the last day (source: the source). Traders should verify whether the reported inflows align with higher on-chain DEX volumes and active addresses on Aptos before positioning, as these metrics indicate deployable liquidity and potential follow-through in APT pairs (sources: Artemis, DefiLlama, DexScreener). Monitor USDT and USDC issuance/burns and bridge movements to and from Aptos versus Ethereum to assess the durability of this rotation and its impact on APT and ETH relative performance in the near term (sources: Tether Transparency, Centre, Wormhole explorer, LayerZero scan). For execution, track APT funding rates, open interest, and order book depth for signs of crowded longs, and consider APT-versus-ETH relative-value setups only if inflows persist alongside rising spot volumes (sources: Binance derivatives dashboard, Bybit futures metrics, Binance spot order book).

According to Onchain Lens, an address labeled the 66,000 ETH borrowed whale bought 19,508 ETH (~$61.03M) from Binance, supplied the ETH to Aave V3, borrowed $170M USDT, transferred the USDT to Binance, and now holds 405,252 ETH valued at about $1.28B. Source: Onchain Lens, x.com/OnchainLens/status/1989196494495424995. Aave V3 supports supplying ETH as collateral to borrow stablecoins such as USDT, consistent with the reported on-chain flows. Source: Aave Docs, docs.aave.com/faq. Binance lists the ETH/USDT spot market, so deposited USDT can be used for ETH trades. Source: Binance spot market, binance.com/en/trade/ETH_USDT.

According to @BinanceResearch, stablecoins are crypto’s killer app and key to global adoption, with the latest research mapping major issuers and on-chain usage patterns that anchor market liquidity, source: Binance Research. The report directs focus to market structure and adoption dynamics, emphasizing that tracking stablecoin supply growth, market share shifts between USDT and USDC, and chain distribution can inform views on spot and derivatives liquidity and potential altcoin rotations, source: Binance Research. It also outlines business models and policy themes shaping the sector, noting that issuance frameworks, settlement use cases, and operational revenues may influence spreads, funding rates, and market depth across exchanges and networks, source: Binance Research. The Stablecoin Business report provides data-driven coverage of major players and emerging themes, offering traders a framework to interpret stablecoin flows as leading indicators for crypto market activity, source: Binance Research.

According to @lookonchain, whale #66kETHBorrow has accumulated 385,718 ETH worth about $1.33B based on on-chain tracking, source: Lookonchain. According to @lookonchain, the same entity just borrowed another $120M USDT from Aave and deposited the funds to Binance, source: Lookonchain. According to @lookonchain, this flow likely indicates preparation to buy more ETH, which is a trading-relevant signal for ETH markets, source: Lookonchain.

According to the source, the U.S. Department of Justice, the Federal Bureau of Investigation, and the U.S. Secret Service announced a joint Strike Force to combat crypto scams with roots in China. source: U.S. Department of Justice China-linked scam activity has prominently included pig-butchering investment frauds that frequently move funds via stablecoins such as USDT on TRON, raising monitoring needs for addresses and flows tied to these rails. source: Chainalysis 2024 Crypto Crime Report In prior operations against pig-butchering and romance-investment schemes, U.S. authorities executed on-chain asset seizures and coordinated with exchanges and stablecoin issuers to freeze addresses, which market participants should monitor for potential repeats. source: U.S. Department of Justice; Tether Ltd. law-enforcement freeze disclosures Traders should watch USDT-TRX flows and exchange notices for heightened compliance screening and address freezes, as regulatory enforcement headlines have historically coincided with temporary reductions in market depth on some pairs. source: Kaiko Research

According to The Kobeissi Letter, Tether’s gold holdings reached a record USD 12.9 billion in September, equal to 104 tonnes of physical gold (source: The Kobeissi Letter). According to The Kobeissi Letter, the value of its gold holdings has doubled since the start of 2025, while physical reserves have doubled since Q2 2024 (source: The Kobeissi Letter). According to The Kobeissi Letter, Tether has been accumulating more than one ton of gold per week on average in 2025, placing it among the largest buyers in the global market (source: The Kobeissi Letter). According to The Kobeissi Letter, Tether’s total reserve assets have surpassed USD 180 billion with about 7 percent held in gold, making it one of the world’s largest gold holders (source: The Kobeissi Letter). According to The Kobeissi Letter, crypto is joining the global gold rush; for traders, this ties a measurable share of Tether’s reported reserves to bullion pricing, so tracking gold volatility can inform reserve valuation and liquidity monitoring in crypto markets (source: The Kobeissi Letter).

According to @justinsuntron, OSL has added support for USDT on the TRON network (TRC20), confirmed by OSL’s official X post on Nov 12, 2025, source: twitter.com/justinsuntron/status/1988568340478959664; x.com/osldotcom/status/1988503758947422513.

According to @cas_abbe, Binance total reserves are back above $120 billion despite market volatility, indicating large on-exchange asset capacity relevant for traders tracking liquidity concentration (source: @cas_abbe on X, Nov 12, 2025). According to @cas_abbe, Binance USDT ERC-20 reserves reached $42.8 billion, marking a new all-time high which matters for stablecoin market depth and settlement flows on the venue (source: @cas_abbe on X, Nov 12, 2025). According to @cas_abbe, Binance BTC holdings are around 548K, a key metric for monitoring exchange-based BTC inventory and potential order book depth in BTC pairs (source: @cas_abbe on X, Nov 12, 2025). According to @cas_abbe, Binance remains the number one exchange by both spot and perpetual futures volume, underscoring its role in price discovery and liquidity across BTC and USDT markets (source: @cas_abbe on X, Nov 12, 2025). According to @cas_abbe, these metrics signal strong user confidence and platform security, which traders can factor into exchange selection and execution strategy (source: @cas_abbe on X, Nov 12, 2025).

According to @paoloardoino, Tether has hired top HSBC gold traders to take on the bullion market, as reported by Bloomberg, indicating a direct push into traditional precious metals trading infrastructure. source: Paolo Ardoino on X; Bloomberg For crypto traders, Tether’s bullion move is directly relevant because the firm issues USDT and also offers Tether Gold (XAUT), a token representing ownership of allocated physical gold. source: Tether official website; Tether Gold product page The combination of hiring seasoned bullion traders and operating a gold-backed token suggests Tether is building in-house expertise that may influence tokenized gold market structure and liquidity mechanics around XAUT. source: Bloomberg; Tether Gold product page Participants should track Tether’s official disclosures for operational details and any changes to gold-related products or market-making activity that could affect XAUT trading conditions. source: Tether official communications

According to @lookonchain, Circle minted another $500M USDC, reported in a Nov 11, 2025 update (source: @lookonchain). According to @lookonchain, Tether and Circle have minted a combined $12.25B in stablecoins since the 10/11 market crash, indicating a substantial post-crash expansion in USDC and USDT supply (source: @lookonchain).

According to @CoinMarketCap, Tether has committed $150 million to purchase GPU services from Rumble over two years, source: @CoinMarketCap. This commitment follows Rumble's acquisition of AI infrastructure firm Northern Data in a deal valued at up to $967 million, source: @CoinMarketCap. Key trading figures are the $150 million spend, the two-year term, and the up to $967 million acquisition valuation, source: @CoinMarketCap.

According to @OnchainLens, the whale borrowed an additional $90M USDT and bought 31,131 ETH (~$113M) on Binance, taking totals to 75,418 ETH (~$269.46M) purchased, 109,576 ETH (~$393M) supplied to Aave V3, and $190M USDT borrowed. According to @OnchainLens, these figures imply an on-chain LTV near 48% (190M debt vs 393M collateral) and an average Binance purchase price near $3,573 per ETH (269.46M divided by 75,418). According to @OnchainLens, the activity is tied to Arkham Intelligence explorer address 0xE5C248D8d3F3871bD0f68E9C4743459C43BB4e4c, which consolidates the wallet’s transfers. Based on the sequence reported by @OnchainLens, the loop of borrowing USDT, buying ETH, and supplying ETH to Aave V3 indicates a leveraged long structure that traders can monitor for changes in collateral and debt levels via the linked Arkham address.

According to @ai_9684xtpa, whale address 0xE5C...B4e4c supplied 78,444.11 ETH to Aave and borrowed 100,000,000 USDT with a reported health factor of 2.33 (source: @ai_9684xtpa; on-chain reference: Debank address 0xe5c248d8d3f3871bd0f68e9c4743459c43bb4e4c). According to @ai_9684xtpa, the entity then sent funds to Binance and withdrew 44,287.8 ETH worth about $156M at an average acquisition price of $3,532.6 (source: @ai_9684xtpa; on-chain reference: Debank address 0xe5c248d8d3f3871bd0f68e9c4743459c43bb4e4c). Based on Aave documentation, borrowing USDT against ETH collateral to acquire additional ETH constitutes a leveraged long, and declines in ETH price reduce the health factor toward 1.0 and increase liquidation risk (source: Aave Docs). Based on Aave liquidation mechanics, monitoring this address’s Aave health factor and transfer activity offers visibility into position stability and potential forced-selling thresholds, with the reported $3,532.6 cost basis serving as a key reference level for traders (source: Aave Docs; source: @ai_9684xtpa; on-chain reference: Debank address 0xe5c248d8d3f3871bd0f68e9c4743459c43bb4e4c).

According to @OnchainLens, Tether minted 1B USDT on Ethereum and Circle minted USDC on Solana within the past six hours, with a combined total of $1.5B; sources: @OnchainLens post on X, Etherscan address 0xc6cde7c39eb2f0f0095f41570af89efc2c1ea828 token transactions at https://etherscan.io/address/0xc6cde7c39eb2f0f0095f41570af89efc2c1ea828#tokentxns, and Solscan account 7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE activity at https://solscan.io/account/7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE?activity_type=ACTIVITY_SPL_MINT&token_address=EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v#transfers. For trading impact, monitor whether newly minted balances move from issuer treasury addresses to exchanges or market makers via the above Etherscan and Solscan pages to gauge potential stablecoin liquidity flows; sources: Etherscan at https://etherscan.io/address/0xc6cde7c39eb2f0f0095f41570af89efc2c1ea828#tokentxns and Solscan at https://solscan.io/account/7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE?activity_type=ACTIVITY_SPL_MINT&token_address=EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v#transfers.

According to @OnchainLens, the ETH whale who previously borrowed 66K ETH to sell and later bought 257,543 ETH ($896M) during the dip appears to be rebuilding exposure, corroborated by Arkham wallet explorer data for address 0xE5C248D8d3F3871bD0f68E9C4743459C43BB4e4c (intel.arkm.com/explorer/address/0xE5C248D8d3F3871bD0f68E9C4743459C43BB4e4c). According to @OnchainLens and Arkham, recent transactions include depositing 34,156 ETH ($120.3M) into Aave, borrowing $60M USDT and sending it to Binance, buying 23,500 ETH ($82.62M) and supplying it to Aave V3, borrowing $40M USDC and sending it to Binance, and buying 20,787 ETH ($73.81M) and supplying it to Aave V3 (intel.arkm.com/explorer/address/0xE5C248D8d3F3871bD0f68E9C4743459C43BB4e4c). According to @OnchainLens and Arkham, this sequence totals 78,443 ETH supplied as collateral on Aave V3 and $100M in stablecoins moved to Binance, aligning with @OnchainLens’s characterization that the wallet is building its position again (intel.arkm.com/explorer/address/0xE5C248D8d3F3871bD0f68E9C4743459C43BB4e4c). According to @OnchainLens and Arkham, the prior accumulation of 257,543 ETH ($896M) provides scale context for traders assessing order book liquidity and potential flow impact from this ongoing activity (intel.arkm.com/explorer/address/0xE5C248D8d3F3871bD0f68E9C4743459C43BB4e4c).