According to @nic__carter, the Griffin and Shams paper’s publication in The Journal of Finance and its acceptance in media and policy circles to bolster crypto views in Washington, D.C. is a scandal that has not been scrutinized adequately (source: Nic Carter on X, Nov 3, 2025). The referenced study, Is Bitcoin Really Un-Tethered? by John M. Griffin and Amin Shams, was published by The Journal of Finance in 2022 and reports that large USDT transfers to exchanges were associated with subsequent BTC price increases during 2017–2018 (source: The Journal of Finance, 2022). For trading, the paper’s core empirical claim links Tether issuance to BTC price support, making USDT supply changes and exchange transfer flows a key watchlist metric when assessing liquidity-driven rallies and resilience in BTC (source: The Journal of Finance, 2022). Carter argues the study has been used to bolster crypto policy views in Washington, highlighting the need for traders to track U.S. stablecoin policy developments, which have been formally prioritized for oversight by U.S. authorities (sources: Nic Carter on X, Nov 3, 2025; President’s Working Group on Financial Markets, Report on Stablecoins, Nov 2021).

According to @EmberCN, Longling Capital withdrew 7,000 ETH worth 30.67 million dollars from Binance about 10 minutes before the post. According to @EmberCN, the same wallet transferred 20 million USDT into Binance over the past five days. According to the address cited by @EmberCN, on-chain records align with these USDT inflows and the 7,000 ETH exchange withdrawal.

According to @lookonchain, whale address TNQsyU bought 13.73M TRX using 5.02M USDT yesterday, implying an average cost near 0.366 USDT per TRX based on the reported amounts, source: @lookonchain. According to @lookonchain, smart trader TWfFe1, who previously profited $277K trading TRX, purchased 1.414M TRX for $500K about an hour before the post, implying an average cost near 0.354 USDT per TRX based on the reported amounts, source: @lookonchain. According to @lookonchain, combined accumulation by the two wallets reached 15.144M TRX with 5.52M USDT deployed in the last day, indicating large on-chain spot purchases of TRX, source: @lookonchain.

According to @EmberCN, an ETH swing whale purchased 4,201 ETH in the past 30 minutes using 20,000,000 USDT, indicating sizable spot demand on the USDT side; source: @EmberCN. The same wallet today re-bought a total of 14,931 ETH for 70,596,000 USDT at an average price of $4,728 after selling ETH one week ago at $3,835; source: @EmberCN. Based on the reported figures, the latest 4,201-ETH tranche executed near $4,762 per ETH (20,000,000 ÷ 4,201), underscoring concentrated on-chain whale accumulation in ETH; source: @EmberCN.