Signs of Bottom Fishing on Upbit After South Korea’s Martial Law-Led BTC Flash Crash

• Large amounts of tether were moved to Upbit, hinting at bottom fishing, according to Lookonchain.
• While BTC has recovered from a flash crash on Upbit, it still trades at a slight discount to global prices.

As a seasoned crypto investor with battle-tested nerves and a knack for spotting market trends, I can’t help but see the recent events unfolding on Upbit as a potential opportunity cloaked in political turmoil. The swift movement of large amounts of Tether to Upbit, reminiscent of a school of fish sensing a feeding frenzy, is a clear sign that whales are circling for bargains.

Whales took advantage of a drop in prices on the South Korean exchange Upbit, investing heavily in Tether’s USDT stablecoin following the declaration of martial law and subsequent flash crash in Bitcoin (BTC) and other token values. Within an hour of President Yoon Suuk Yeol announcing emergency martial law, large traders moved over $163 million in USDT to Upbit, as reported by blockchain analyst Lookonchain. The president accused the opposition of supporting North Korea and disrupting the nation’s constitutional order.