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As Bitcoin prices dipped, blockchain analysts observed notable activity from cryptocurrency whales—entities or individuals holding large amounts of Bitcoin and other cryptocurrencies. According to information from LookOnChain, many of these whales transferred substantial amounts of Tether’s USDT stablecoin to Upbit in what appeared to be a strategic move to capitalize on the discounted prices.

Significant Transfers

The data indicated that within just one hour of the president's martial law declaration, approximately $163 million in USDT was funneled into Upbit. This influx suggests that these market players were prepared to take advantage of the situation, employing tactics often referred to as 'bottom fishing'—buying assets at lower prices with the expectation that they will rebound.