The rise of Bitcoin and Ethereum was in part enabled by the conversion from February 10 of $1.6 billion USDC into cryptocurrencies. This conclusion was reached by experts at Lookonchain.
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1/ Why did the price of $BTC/$ETH suddenly rise today?
We found that several funds/institutions poured nearly $1.6B into the crypto market since Feb 10!👇 pic.twitter.com/WRaSv4YtgP
— Lookonchain (@lookonchain) February 16, 2023
Experts were unable to determine the ownership of wallets linked to stablecoins.
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The illustration below shows the aggregate outflows by individual labeled addresses totalling about $1.6 billion from Circle’s accounts and the $0.2 billion deposited.
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The ‘mysterious’ fund did not halt its inflows, even after the market correction, experts noted. Since February 10, from a Circle-linked address to trading platforms has moved the equivalent of $155 million.
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Analysts identified another wallet belonging to the structure. From this address, during a similar period, $397 million in USDC were sent to exchanges.
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On February 15, the rise of Bitcoin and other cryptocurrencies was linked by analysts to another unknown fund. It moved 935.6 million USDC onto platforms. The fund’s flows into digital assets began on December 7; at present, its accounts hold more than $10 billion.
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A FalconX-linked address is known to have followed suit. In that case the volume of operations amounted to about $143 million.
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On February 16, the price of the first cryptocurrency rose to around $25 000.
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Earlier on the daily chart, moving averages formed the «golden cross» — a precursor to a positive trend.
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Previously, in Glassnode they noted a transition phase from bear to bull market.
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