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The positive price outlook that emerged in the cryptocurrency market last week could take a different turn with the transfer of $1.4 billion worth of USDC to the crypto asset exchange Coinbase. So what could this price outlook mean?
Stablecoins Transferred to Exchange
According to data provided by on-chain crypto analysis firm CryptoQuant, the highest influx for the stablecoin USDC occurred with the transfer of assets worth $1.4 billion to Coinbase.
Details regarding the transfers remain unclear. However, analysts emphasize that this situation could signal potential upward pressure in the process following past trends and current market fluctuations. As of Friday in the crypto market, it was revealed that the positive outlook of institutional entries continued following the day when the approval for spot Bitcoin ETFs was announced.
Bitcoin‘s price, which encountered a slight correction, had surpassed $70,000, indicating a weekly increase of 9.6%, which could be interpreted as a renewal of confidence. Cryptocurrency investors seem to be closely following the latest developments that predict new peaks for the market.
While all this was happening, Bitcoin fell below the $70,000 level again following a speech by FED Chairman Powell, but it continues to maintain its presence near that level.
Record USDC Entry to Coinbase
The record stablecoin transfer of $1.4 billion to Coinbase could bring new buying pressure. The possibility that the investors who made the transfer could use their stablecoins to purchase cryptocurrencies like Bitcoin and Ethereum is cited as a reason for this.
The mentioned stablecoins are used as a transfer tool between traditional finance and web3 due to their dollar peg.
One of the leading analysts in the market, Maartunn, while drawing attention to historical inflows of deposits towards exchanges, emphasized that buying pressure could increase during this process.
A few hours ago, the largest USDC influx to date occurred with over $1.4 billion deposited in Coinbase. This large deposit could potentially indicate significant buying pressure, as these stablecoins could be used to purchase bitcoin.
Analyst Predicts Upcoming Rise
When the calendars showed January 9, 2023, Coinbase experienced a $1.3 billion USDC influx, which triggered a price rise from Bitcoin’s low of $16,800 in that cycle. The stablecoin movement at that time sparked an increase in interest from traditional investors in the market and pulled Bitcoin out of the depths, leading to a new price rally.
Maartunn made the following statement on the subject:
It is very important to determine whether this transfer is internal, meaning whether it took place within an exchange. As we gather more information, we will continue to keep you informed.
