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đđđđđ It's Big & Big #CryptocurrencyAlert Ever this time About $1.3 Billion Trasaction.đđđđđđ
âGiant buyâ signal? Crypto whales transfer $1.3B to Coinbase.
Crypto analysts believe the large transfers could have a âbig impactâ depending on where the capital is getting deployed.
A total of $1.3 billion of USD Coin USDC$1.00 in transfers from apparent whale addresses to crypto exchange Coinbase on Thursday could potentially be a âgiant buy signalâ for Bitcoin BTC$64,121 and Ether ETH$3,135, according to market observers.Â
âUSDC moving onto exchanges is a giant buy signal, as the saying goes on the internet âmoney printer go brr,ââ crypto trader Blockchain Mane told Cointelegraph.
The five transfers totaling $1.3 billion â with the amounts ranging from $150 million to $350 million â were made to Coinbase on April 25 at 08:15 UTC, according to Etherscan data.
Traders often view large stablecoin deposits on exchanges as a bullish sign, indicating possible large buy orders in the near future, while significant crypto deposits on exchanges can signal a potential sell-off, making traders wary of a downturn.
âIf 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,â crypto commentator Lark Davis aka âThe Crypto Larkâ told Cointelegraph.
