Many cryptocurrency analysts believe that large transfers to or from cryptocurrency exchanges are a clear investment signal. On Thursday, April 25, whales sent a total of as much as USD 1.3 billion in USDC to the Coinbase exchange – the whales are going crazy. Is such a move by large investors actually a whale signal to buy bitcoin?
Whales go crazy and send $1.3 billion in USDC to Coinbase
Blockchain transactions are followed by millions of cryptocurrency industry enthusiasts. For many investors, the analysis of such transactions is a clear signal of changes in the market. Most often, these are amounts of several million USD, which is why the whale movement on the Coinbase exchange noticed on April 25 caused quite a stir. These are five transfers with a total value of USD 1.3 billion in USDC. The amounts in individual transactions ranged from USD 150 million to USD 350 million.
The cryptocurrency community has received news about the whale movement with considerable enthusiasm. Cryptocurrency analysts on social media unanimously stated that whale movements are never a guaranteed indicator for the cryptocurrency market. YouTuber and trader Brian Jung adds:
USD 1.3 billion is a large sum of capital, but its impact on the cryptocurrency market depends on where such an amount is invested.
The market is waiting for a bull market after the BTC halving
Although the whales are going crazy and the transfer of USD 1.3 billion to the Coinbase exchange is a big deal, the cryptocurrency community is still expecting a post-halving boom. The cyclical division of the reward for miners took place exactly a week ago, but the BTC price ultimately dropped by 1.5% during this week. In the case of ETH, the week after the halving brought only a 1.2% increase.
The digital assets market is waiting for a bull market, and some people predict worst-case scenarios and the possibility of a bear market after the halving. One of such prophets is the famous speculator Rafał Zaorski. The truth is, however, that halving almost always brought growth, but only in the next months and quarters. We will find out the answer to this question in the coming weeks.
