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USDC Bitcoin Ethereum

$1.4 Billion USDC Moved To Coinbase: Will History Repeat And Bitcoin Rally?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On March 29, a massive $1.4 billion transfer of USDC, a fiat-backed stablecoin issued by Circle, was moved to Coinbase, one of the leading crypto exchanges.

Sharing a screen grab that cites CryptoQuant’s data, the analyst said the hefty inflow could suggest that bulls might be ready to inject capital. If that happens, top cryptocurrencies like Bitcoin and Ethereum could benefit.

$1.4 billion USDC moved to Coinbase | Source: Analyst on X
$1.4 billion USDC moved to Coinbase | Source: Analyst on X

Are Bitcoin And Ethereum Ready To Turn The Corner?

Looking at Bitcoin and Ethereum, it is evident that sellers might be in control, rejecting attempts for higher highs. Bitcoin trades below the $71,600 resistance level, marking March 28 highs.

Related Reading: Ethereum Founder Buterin Lays Out ‘What Else Memecoins Could Be’

On the other hand, Ethereum is yet to fully capitalize on post-Dencun expectations to break higher, above $3,700. The coin remains under pressure, with the odds of falling below $3,200 a possibility if bulls fail to flow back.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

The analyst believes that the influx of USDC into Coinbase indicates a growing willingness among investors to enter the crypto market. Stablecoins have emerged as preferred conduits for traditional finance capital to flow to crypto.

Popular stablecoins like USDT and USDC are backed by fiat and can be redeemed for cash. Usually, stablecoin inflows into the exchange are seen as a positive development, a net positive for crypto, and mostly leading assets.

Will History Repeat? Past USDC Inflows Lifted Price

Still, while prices might expand in the coming sessions, the fact that $1.4 billion USDC was channeled into Coinbase can’t be the main fuel. The crypto and Bitcoin or Ethereum markets have deep liquidity, with sentiment mostly or big money injection from institutions as primary drivers of price. 

Previous USDC inflow | Source: Analyst on X
Previous USDC inflow | Source: Analyst on X

Even so, the general confidence is warranted. This isn’t the first time a bulk USDC transfer to Coinbase has coincided with a crypto upswing. In January 2023, the analyst notes, a $1.3 billion USDC inflow to Coinbase preceded a price spike that saw the coin rise from around $16,300.

Therefore, with this historical precedent in mind, traders are bullish and expect a possible recovery for Bitcoin and Ethereum. 

Related Reading: Ethereum Spot ETFs Odds At A Pessimistic 25%: Bloomberg Analyst

USDC has been steadily gaining traction and is now poised to potentially dethrone XRP as the world’s sixth most valuable crypto. According to CoinMarketCap data on March 29, USDC has a market cap of $32.5 billion. On the other hand, XRP, the native currency of the XRP Ledger, has a market cap of over $34 billion.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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