A report from the blockchain investigator, @lookonchain, has revealed that an undisclosed financial institution has recently made a substantial deposit of USDT to the prominent U.S.-based cryptocurrency exchange, Kraken.

According to @lookonchain's analysis, two wallets suspected to be under the control of the same entity withdrew a significant amount of 33.9 million USDC from the Circle platform. Subsequently, they converted this cryptocurrency into USDT before transferring the entire sum to Kraken.

Santiment, an aggregator for on-chain analytics, has observed a surge in on-chain activity involving USDT (Tether) recently. The number of active wallets using USDT has reached its highest level in three months. This uptick can be primarily attributed to the increased deposits of USDT into cryptocurrency exchanges.

Furthermore, Santiment's analysis reveals that crypto wallets holding between 1 million and 10 million USDT are actively engaging in the acquisition of stablecoins. These developments suggest a growing interest in using USDT to potentially purchase cryptocurrencies in the near future, as indicated by Santiment's findings. 

Currently, the two top cryptocurrencies, Bitcoin and Ethereum, are experiencing a reduction in their market value. Bitcoin has seen a decrease of 2.75% in its price since the beginning of the week, with its current trading value standing at $27,161 per coin. Similarly, Ethereum has witnessed a decline of 3.70% during the same timeframe, now being traded at approximately $1,573.