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Tether Treasury transferred 200 million USDT to a leading exchange in a single transaction, totaling approximately 199 million USD. This large stablecoin flow has attracted market attention—such operations usually indicate that the exchange may be preparing to strengthen its liquidity reserves or to prepare for Block Trading. The on-chain flow of stablecoins has always been an important indicator for tracking the capital situation and market trends, and it is worth continuing to observe the subsequent market reactions and price trends.