Crypto analysts believe the large transfers could have a “big impact” depending on where the capital is getting deployed.
A total of $1.3 billion of USD Coin (USDC) in transfers from apparent whale addresses to crypto exchange Coinbase on Thursday could potentially be a “giant buy signal” for Bitcoin (BTC) and Ether (ETH), according to market observers.
“USDC moving onto exchanges is a giant buy signal, as the saying goes on the internet ‘money printer go brr,’” crypto trader Blockchain Mane told Cointelegraph.
The five transfers totaling $1.3 billion — with the amounts ranging from $150 million to $350 million — were made to Coinbase on April 25 at 08:15 UTC, according to Etherscan data.
