Skip to content Skip to sidebar Skip to footer

Recent data indicates a potential major surge in the cryptocurrency market.

In a recent post on March 29th, on-chain data platform CryptoQuant analyst “maartunn” stated that the largest USD Coin (USDC) inflow to date occurred within the day.

The author noted that over 1.4 billion dollars were deposited into Coinbase in USDC, emphasizing that such a large sum indicates significant buying.

According to the analyst, this surge in the stablecoin demand is being used to purchase Bitcoin.

Such a large inflow of funds had only occurred once in history, on January 9, 2023. A deposit of 1.3 billion dollars came at one of Bitcoin’s lowest cycles, around $16,800.

Following this massive deposit, Bitcoin started a rally, surged over 4 times, and never dropped to those prices again.

According to CoinGecko data, Bitcoin is currently trading at $70,282.

Leave a comment

Email

Email

BTC Trader PRO © 2024. All rights reserved. Hosted by FibaCloud.com

BTC Trader PRO © 2024. All rights reserved. Hosted by FibaCloud.com