According to analysts, a whopping $1.3 billion in USDC was transferred to Coinbase from large investment accounts, indicating a bright outlook for Bitcoin and Ethereum.
According to Etherscan statistics, these transfers, ranging in value from $150 million to $350 million, occurred on April 25 at 08:15 UTC.
Blockchain Mane, a cryptocurrencycurrency trader, stated, “USDC moving onto exchanges is a giant buy signal, as the saying goes on the internet’money printer go brr.”
When large amounts of stablecoins, such as USDC, enter exchanges, traders see this as a bullish indicator, indicating that large purchases are imminent. Large cryptocurrency deposits, on the other hand, may signal a potential sell-off, prompting traders to exercise caution.
Davis explained that whales may choose limit orders over immediate purchases, basically creating a safety net for the goods they value. However, he advised against relying solely on these transfers to predict market developments.
Lark Davis, who is commonly referred to as “The Crypto Lark,” pointed out, “If this is indeed a whale buying and at current prices then yes, it can have a big impact on the price of the asset they are buying, which at that level is almost certainly only Bitcoin and Ethereum.”
On the flip side, cryptocurrency trader and YouTuber Brian Jung highlighted, “If this amount were invested in a single altcoin with a $100 million market capitalization, the price would skyrocket, but I can’t picture any whale doing this because it would be practically impossible for them to profit from it.”
Could a $1.3 billion USDC transfer to Coinbase cause a Bitcoin and Ethereum surge? Blockchain Mane, a cryptocurrencycurrency expert, sees it as a “giant buy signal,” but will it hold in the face of market uncertainty?
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