One Tron wallet moved $751 million of USDT through Binance in about two hours
DeepSea's list of the week's largest exchange transfers is all dollar tokens: $2.49 billion in 11 moves, led by Coinbase USDC and a single unlabeled Tron address moving USDT to and from Binance.
Key points
- The 11 largest single exchange transfers DeepSea logged from October 26 to November 1 were all stablecoins, worth $2.49 billion together.
- One unlabeled Tron address received $402.65 million of USDT from Binance and sent $348.53 million back on November 1, between 8:11 and 10:21 a.m. ET.
- Coinbase had five of the 11 transfers, all USDC on Ethereum: $678.00 million in and $535.02 million out.
What DeepSea's data shows
DeepSea's weekly report lists the largest single transfers into and out of labeled exchange wallets. All of them were stablecoins (tokens pegged to the US dollar). Across the whole week, DeepSea counted 7,016 exchange transfers of $1 million or more: $19.94 billion in and $22.32 billion out, with stablecoins 96% of the value.
The top 11 transfers added up to $2.49 billion. Coinbase USDC made up $1.21 billion of that, Binance USDT $751.18 million and OKX USDT $523.16 million. (DeepSea's table shows one $148.53 million Binance withdrawal twice with the same transaction hash. We count it once.)
Data: DeepSea (desea.io), checked November 4, 2026, 12:40 a.m. ET.
The Tron round trip
On November 1, one Tron address starting "TJTKCz" and carrying no DeepSea label moved USDT to and from Binance three times. In Eastern Time, it received $254.12 million from Binance at 8:11 a.m. ET, sent $348.53 million to Binance at 9:25 a.m. and received $148.53 million more at 10:21 a.m.
That is $751.18 million moved in about two hours. In net terms, $54.12 million more left Binance for the address than came back. Who controls it, and why, is unknown.
Largest single exchange transfers by venue, October 26 to November 1
US$ million
Total value of each venue's transfers in DeepSea's top list. Source: DeepSea weekly report.
Coinbase and OKX
Coinbase's largest move was a $399.78 million USDC withdrawal at 4:03 p.m. ET on October 28. About three hours later, at 7:18 p.m., two deposits of $279.50 million and $136.82 million arrived from two other addresses. Then $135.24 million went out at 11:25 a.m. ET on October 29, and a $261.68 million deposit came in at 6:06 p.m. on October 30.
At OKX, $171.99 million of USDT came in at 12:29 a.m. ET on October 30 and $171.81 million went out 34 minutes later. The two transfers used different addresses, so the data does not show they are linked. OKX's biggest move was a $179.36 million withdrawal on October 26.
Outside Asia, the largest stablecoin swings were smaller: Europe took in a net $27.58 million of USDC, Latin America lost $19.97 million of USDC and US exchanges lost $11.85 million of USDS.
Why it matters
Big stablecoin transfers are often trading desks, market makers or exchanges moving cash between venues, not new money. A deposit can come before buying, and a withdrawal can mean cash leaving the market, but DeepSea shows only direction and size. Both main tokens held their pegs: CoinGecko showed USDT at $0.9989 and USDC at $0.9995 at 12:40 a.m. ET on November 4.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- Most of the Tron money went back to Binance within hours, so the net effect was $54.12 million, far smaller than the $751.18 million headline. DeepSea does not label the address, so who is behind it is unknown.
- At Coinbase, a big withdrawal was followed within hours by deposits of similar size from other addresses, so the week ended with more USDC coming in than going out among these transfers.
- Large stablecoin inflows only matter for prices if the money is spent. Next week's flows will show whether it was.
What's next
- Whether the TJTKCz address keeps cycling USDT through Binance
- Net stablecoin flows at Coinbase next week
- Any DeepSea label added to the largest receiving wallets
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- DeepSea, Weekly Smart Money & Global Money Flows Report, October 26 to November 1, 2026 (Where the money moved; Global flows; read November 4, 2026, 12:40 a.m. ET)
- Tronscan, USDT transfer to Binance on November 1, 2026 (tx 7f02396a)
- CoinGecko, Tether (USDT) price (November 4, 2026, 12:40 a.m. ET)
- CoinGecko, USDC price (November 4, 2026, 12:40 a.m. ET)
