$1.6 Billion USDC Recently Converted To Bitcoin

$1.6 Billion USDC Recently Converted To Bitcoin

On February 16th, Bitcoin (BTC) almost hit the $25,000 mark – its highest point since August 2022. Based on CoinMarketCap data, BTC had gained an impressive 12% in just 24 hours! Santiment’s on-chain analytics firm also reported that this six-month high was due to mild accumulation from smaller traders with holdings of 100 up to 1,000 BTCs. Over this past seven-week period alone, there has been a 50% increase in Bitcoin’s value, and at the time of writing, it is trading around $23,800.

Some Institutions Have Invested $1.6 Billion In Bitcoin and Ethereum

Lookonchain, a data source of on-chain analysis, has unveiled the likely causes for the recent boosts in Bitcoin and Ethereum prices. With its reportable findings that over $1.6 billion has been invested into crypto markets from February 10th to today by various institutions and funds revealed through USDC stablecoin deposits/withdrawals via Circle – it looks like these two digital currencies are just getting started!

Chart’s Link

After reviewing the posted chart, it is evident that several funds/institutions removed almost 1.6 billion USDC from Circle and only deposited about 0.2 billion USDC. Notably, a mysterious fund marked as “0x3356” by Lookonchain extricated 953.6 million USDC from Circle and sent it to various exchanges-leading Lookonchain to speculate that today’s extraordinary growth of Bitcoin’s and Ethereum’s values may be linked with this specific fund!

$1.6 Billion USDC Recently Converted To Bitcoin

Money Flow Continued Despite The Rise In BTC And ETH Stopped

Furthermore, Lookonchain discovered a “mysterious fund” that continued to provide money into the crypto market even as lead cryptocurrencies Bitcoin and Ethereum plummeted. From Feb. 10 onward, this address pulled out 155 million USDC from Circle and directed it to exchanges; another separate address removed 397 million USDC during the same period. In addition, FalconX took 143 million USDC away from Circle–Lookonchain provided such information in its thread of tweets about these events!

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