A total of $1.3 billion in USD Coin (USDC) transferred from apparent whale addresses to crypto exchange Coinbase on Thursday could be a “huge buy signal,” according to market observers. ” for Bitcoin (BTC) and Ether (ETH).
“USDC moving to exchanges is a huge buy signal,” said crypto trader Blockchain Mane.
According to Etherscan data , five transfers totaling $1.3 billion – in amounts ranging from $150 million to $350 million – were made to Coinbase on April 25 at 08:15 UTC.
Traders often XEM large stablecoin deposits on exchanges as a bullish sign, indicating possible large buy orders in the near future, while significant cryptocurrency deposits on exchanges trading could signal a potential sell-off, making traders wary of a downturn.
“If this is truly a whale sale and at current prices then yes, it could have a major impact on the price of the asset they are buying, which at that level is almost certainly only Bitcoin and Ethereum,” said crypto commentator Lark Davis.
However, crypto analysts agree that whale movements are never a guaranteed indicator for the crypto market.
“People pay a lot of attention to whale movements, but we never really know what they are doing,” Davis said.
