1.6 billion USDC converted into cryptocurrencies

The growth of Bitcoin and Ethereum to a certain extent was made possible by the conversion of 1.6 billion USDC into cryptocurrencies since February 10. Experts from Lookonchain came to such conclusions.

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 associated with stablecoins.

In the illustration below, you can see ~$1.6 billion in total output to individual tagged addresses from accounts with the co-issuer Circle and $0.2 billion deposited.

The “mysterious” fund did not stop injecting funds even after the correction of the cryptocurrency market, experts noted. Since Feb. 10, the equivalent of $155 million has gone from his associated Circle address to trading platforms.

Analysts discovered that another wallet belongs to the structure. Over the same period, $397 million in USDC was sent to exchanges from this address.

The growth of bitcoin and other cryptocurrencies on February 15, analysts associated with another unknown fund. He brought 935.6 million USDC to the platforms. The structure’s flows into digital assets began on December 7, and at the moment, over $10 billion remains in its accounts.

It is known that his example was followed by an address associated with the FalconX platform. In this case, the volume of transactions amounted to ~$143 million.

On February 16, the price of the first cryptocurrency approached $25,000.

Earlier on the Bitcoin daily chart, moving averages formed a golden cross combination, a harbinger of a positive trend.

Prior to this, Glassnode stated a transitional phase from a bear market to a bull market.