Analyst Signals Buying Pressure as $1.4 Billion Worth of USDC Flow to Coinbase
On-chain data shows a movement of $1.4 billion worth of USDC stablecoin to Coinbase signaling bullish pressure.
The recent positive run in the cryptocurrency market has sparked a transfer of $1.4 billion worth of USDC to digital asset exchange, Coinbase
According to on-chain crypto analytics firm CryptoQuant, the highest inflow of the stablecoin USDC was recorded with $1.4 billion worth of the asset on Coinbase. Although details of the transfers remain sketchy, analysts point to potential bullish pressure following past trends and the present market surge. The crypto market maintained positive form this week on the heels of institutional inflows following the approvals of spot Bitcoin ETFs.
Recovering from a slight correction, Bitcoin price pierced through $70,000 and is up 9.6% this week showing renewed investor confidence. Crypto users point to recent developments projecting new highs for the market.
Record USDC Transfer to Coinbase
The record $1.4 billion transfer to Coinbase could spark a new round of buying pressure. This is because users’ stablecoins are used to purchase cryptocurrencies like Bitcoin and Ethereum. These assets are described as a gateway between traditional finance and web3 because of its peg to the dollar.
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