A few hours ago, Coinbase recorded the highest influx of USDC (a stablecoin) ever, with over $1.4 billion deposited. This indicates that there may be significant buying pressure, as people can use these stablecoins to buy bitcoin. This is the second time such a large deposit has been observed, with the first being on January 9th, 2023, when a $1.3 billion USDC deposit preceded a price surge from a cycle low of $16,800, which marked the bottom of the cycle.
