Hey folks.
Market watchers speculate that a $1.3 billion USD Coin USDC transfer from purported whale accounts to cryptocurrency exchange Coinbase on Thursday could potentially be a "giant buy signal" for Ether and Bitcoin.
Transfers which five in number totalling $1.3 billion were made to the crypto exchange Coinbase on April 25 according to Etherscan data.
Deposits of large stablecoin on exchanges are seen as a bullish sign by the traders, pointing towards possible large purchase orders in the near future, while big cryptocurrency deposits on exchanges may indicate a possible sell-off, making traders wary of a downturn.
However, according to crypto analysts, movements from whale are never a guaranteed indicator for the crypto industry.
Yet again, there merely speculations and it shouldn't be taken or seen as something signaling towards the bulls looking at the volatile nature of the cryptocurrencies including Bitcoin.
What are your thoughts about the recent development as a lot of attention gets paid to whale movements, but we never really know what they are thinking or trying to do?
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Could indeed be a price moving fact!
Could be