Bitcoin rebounds from $49K to $56K with increased activity from large investors.
Whales move $623M in USDT and USDC, suggesting new funds flow back into the crypto scene.
Binance CEO Richard Teng confirms a net inflow of $1.2 billion.
After a challenging Monday for crypto investors when Bitcoin hit $49K, a significant recovery march is now at large, and BTC has reclaimed $56K today. As the market recovery continues to build momentum, whales or large pocket investors are increasingly becoming active in the crypto market.
Today, blockchain tracker Whale Alert called attention to the movement of $373,655,324 USDT tokens in one transaction from an anonymous wallet to Binance, the largest crypto exchange.
In a more recent update, Whale Alert documented the movement of $250 million in USDC stablecoin, which was freshly minted at Circle’s Treasury. This transaction closely followed one $50 million in USDC minted 12 hours ago.
💵 💵 💵 💵 💵 💵 💵 💵 💵 💵 250,000,000 #USDC (250,275,000 USD) minted at USDC Treasuryhttps://t.co/X7roaQaBHP
— Whale Alert (@whale_alert) August 6, 2024
Before now, the crypto community last witnessed significant minting of USDC stablecoin on August 1, when $365 million was issued into supply.
These latest substantial movements of stablecoins, commonly used to purchase other crypto assets, have sparked bullish sentiment among market participants, suggesting new funds are flowing back into the crypto scene. “Someone’s going shopping,” remarked an X user in response to the update.
In a post on X a few hours ago, Binance CEO Richard Teng confirmed the increased inflow of funds into the exchange. Teng emphasized that despite the macroeconomic climate and yesterday’s market downturn, Binance recorded a net inflow of $1.2 billion in the past 24 hours.
The Binance CEO added that this figure represents one of the highest net inflow days of 2024, indicating strong investor confidence. Furthermore, Teng noted that yesterday, Binance also saw one of the highest trading volumes so far this year.
“We are now witnessing a rebound in major token prices, with current market trends validating this,” Teng remarked.
Indeed, Binance’s token BNB has rebounded by 15% today, trading at $475 at press time. Solana’s performance is more commendable, growing by over 22% today to trade at $138.
The post Whales Dive Back in After Monday’s Bloodbath as Market Rebounds appeared first on Coin Edition.
