- A mysterious fund has withdrawn over 1 billion USDC from Circle since December last year.
- The USDC flowed into the crypto market leading to a surge in ETH’s price.
- The fund has withdrawn over 50 million USDC from Circle over the past 24 hours.
A mysterious fund has been influencing the price of Ethereum over the past two months. The fund is essentially a USDC whale that withdraws hoards of USD Coin from Circle and converts it into USD Tether (USDT). The USDT is then sent to several exchanges and subsequently floods the crypto market.
According to on-chain analytics firm Lookonchain, the mysterious fund has started pouring money into the crypto market ahead of the bull market witnessed at the beginning of the year. The fund began withdrawing USDC from Circle on December 7 last year into a wallet that became active a week prior to the first withdrawal.
1/ A mysterious fund started pouring money into the crypto market ahead of this year's small #BullMarket.The post Mysterious Crypto Whale Pumps Ethereum With 1 Billion USDC appeared first on Coin Edition.The fund started withdrawing $USDC from #Circle on Dec 7, 2022 and has over 10B $USDC as of today.
Then exchanged for $USDT via 5 addresses, and deposited to exchanges. pic.twitter.com/n4UiVWSbHe
— Lookonc…