Experts say $1.3 billion worth of USDC was transferred from large investor accounts to Coinbase, suggesting a bullish sign for Bitcoin and Ethereum.
Cryptocurrency trader Blockchain Mane said, “As they say on the internet, “money printing presses are bullish,'' USDC moving to an exchange is a huge buy signal.''
Image source: WhaleBot Alerts (5 huge amounts of USDC transferred to Coinbase at the same time)
According to Etherscan data, these transfers ranged from $150 million to $350 million and occurred on April 25 at 08:15 UTC.
When a large number of stablecoins like USDC circulate on exchanges, traders see it as a positive sign and an indication that large purchases may be made soon. Conversely, large crypto deposits can mean a potential sale, making traders cautious.
Lark Davis, also known as 'Crypto Lark', said: 'If this is truly a whale purchase and at current prices, then yes, it could have a significant impact on the price of the asset they are buying. At that level, it's almost certainly Bitcoin and Ethereum.
Davis elaborated that whales may opt for limit orders rather than immediate purchases, essentially creating a safety net in the assets they prefer. But he cautioned against banking these movements to determine market trends.
Conversely, crypto trader and YouTuber Brian Jung said, “If this amount were deployed in a single altcoin with a market cap of $100 million, the price would definitely skyrocket, but no sane whale would… I can't imagine someone doing something like that.” That makes it almost impossible for them to make a profit. ”
Could the $1.3 billion USDC transfer to Coinbase cause a surge in Bitcoin and Ethereum? Crypto analyst Blockchain Mane sees this as a “huge buy signal,” but the market Can it be maintained amidst uncertainty?
Also read: Ripple’s 100 million XRP whale transfer increases speculation
