- The sudden rise in BTC and ETH prices appears to be due to several funds and institutions pouring nearly $1.6 billion into the crypto market since February 10th.
- One mysterious fund with the address "0x308F" has withdrawn over 10 billion USDC from Circle and has been exchanging it for USDT via five addresses, contributing significantly to the recent rise in cryptocurrency prices.
- Several funds and institutions have been withdrawing USDC from Circle and transferring it to exchanges, with each withdrawal seemingly coinciding with a rise in ETH prices.
On February 16th, the prices of Bitcoin (BTC) and Ethereum (ETH) suddenly rose, leaving many investors wondering what is driving this surge. According to recent data analysis, it appears that several funds and institutions have poured nearly $1.6 billion into the crypto market since February 10th, contributing to the increase in prices.
One key factor in this trend is the movement of funds in and out of Circle, a global financial technology firm that provides crypto services. Several funds and institutions have withdrawn a significant amount of USD Coin (USDC) from Circle and transferred it to exchanges. It's worth noting that every time these funds withdraw USDC and transfer it to exchanges, the price of ETH appears to rise.
One fund, in particular, has received attention for its large-scale activity in the crypto market. With the address "0x308F", this mysterious fund started pouring money into the market ahead of this year's small bull market. It began withdrawing USDC from Circle on December 7th, 2022, and has since amassed over 10 billion USDC as of today. This fund has exchanged USDC for USDT via five addresses and deposited the funds into exchanges.
It appears that the fund's activity has contributed significantly to the recent rise in cryptocurrency prices. Thanks to this fund, many investors were able to go long on ETH and profit before the announcement of the Federal Reserve's interest rate decision. The fund has also withdrawn 155 million USDC from Circle and transferred it to exchanges since February 10th.
Additionally, other funds and institutions have also contributed to this trend. For example, another fund related to FalconX withdrew 143 million USDC from Circle and transferred it to exchanges. The data suggests that the activity of these funds, along with others, has contributed to the recent surge in BTC and ETH prices.
It remains unclear what these funds and institutions plan to do with the money they have poured into the crypto market. However, the sudden influx of capital has certainly contributed to the recent upward trend in prices. With only a few hours left before the Federal Open Market Committee (FOMC) meeting, many investors are keeping a close eye on this activity and its potential impact on the market.
In conclusion, the recent rise in BTC and ETH prices appears to be due to the significant influx of funds and institutions into the crypto market, with several key players withdrawing a significant amount of USDC from Circle and transferring it to exchanges. As the crypto market continues to evolve, it will be interesting to see how these funds and institutions continue to impact the market in the coming days and weeks.
