The past 24 hours have seen the entirety of the crypto market trade in the green as Bitcoin’s price reached a high of just around $25K.
The last time BTC traded around this level was back in August 2022, and the market seems ecstatic. But why did Bitcoin pump?
Mystery Bitcoin Whales Behind the Rally?
As mentioned above, the BTC price took for the sky yesterday and increased by more than $2,000 in the past 24 hours alone.
While a somewhat positive CPI print could also be part of the reasons, it appears that there are some mystery whales involved in the move as well.
Data from Lookonchain reveals that there are a few mysterious funds that have moved massive amounts of cash recently.
Several funds/institutions withdrew 1.6B USDC from Circle and only deposited 0.2B USDC. The mysterious funds hared before didn’t stop pouring money the crypto market as BTC/ETH dropped.
His address “0x308F” has withdrawn 155M USDC from Circle and transferred to exchanges since Feb 10.
Additional information reveals that the same fund also withdrew close to 400M USDC and also transferred it to exchanges since February 10th.
More Whales
But that’s not the only mystery wallet loaded with money that’s been pouring it into the markets as of late. The data also shows that another address, “0x3356,” withdrew close to a whopping $1 billion and deposited on exchanges.
One more withdrew about 143M USDC from Circle and is also buying.
The question now is, who are the owners of these addresses? Are they institutions? Perhaps another publicly-traded company is jumping on board?
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Source: https://cryptopotato.com/the-mystery-whales-or-why-bitcoin-exploded-by-more-than-2k-in-hours/