Smart Money Investor Prepares To Utilize Altcoin Market Downturn

• Lookonchain revealed earlier today that an address deposited millions of USDT to Binance.
• .The analysis firm believes the address could be gearing up to buy altcoins at the market bottom.
• ADA, MATIC, and SOL all suffered price drops of more than 20% over the past day.

The on-chain analysis firm, Lookonchain, shared a post on Twitter this morning about a particular smart money investor that has made it a habit to make big moves during big crypto events or selloffs. According to the post, the address called “smartestmoney” deposited more than 12 million USDT into Binance after the price of altcoins dropped.

This behavior from the address could suggest that it is getting ready to accumulate some altcoins at the next market bottom, according to Lookonchain. In March, this same address withdrew 4 million USDC and more than 10k Ethereum (ETH) from FTX before FTX decided to suspend their withdrawals.

In addition to this, the address also ended up making a profit of about $200k in USDT during the USDC depegging earlier this year. The address’s recent deposit to Binance could be fueled by the recent announcement that Robinhood will be delisting Cardano (ADA), Polyg…

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