During a time when most of us are counting our losses after yesterday’s dip, at least one crypto whale appears to be unphased by the market situation. Just an hour ago, $3 million in USDC was minted at the USDC treasury, indicating at least one whale is bullish right now.
By tracking the Circle treasury wallet, Whale Alert was able to detect the recently minted 3 million USDC. Whale Alert (@whale_alert) is a service that automatically tracks large movements of major cryptocurrencies, including mints and transfers of large sums to and from known cryptocurrency exchange wallets, providing useful market insight to traders and analysts.
It is widely thought that by tracking the most significant cryptocurrency transfers, it possible to gain some information about the market sentiment of those that trade with serious size.
3,000,000 #USDC (3,014,050 USD) minted at USDC Treasury
— Whale Alert (@whale_alert) October 16, 2019
This is the largest of three recently sizeable USDC batches minted in the last 24 hours, with exactly 2 million USDC minted around 23 hours ago and a close to 2 million USDC minted just hours later. This brings the total amount of USDC minted by whales to 7 million in the last day—though it is unclear whether all three transactions can be linked to the same individual.
Normally, such large amounts of a newly minted stablecoin can be considered a bullish sign, since it indicates that a high net worth individual is looking to enter the cryptocurrency market with a hefty sum. When such large amounts are transferred to an exchange, it can be a sign that buy pressure is about to increase, potentially driving up the price of the affected cryptocurrency.
With $3 million in USD Coin just minted, this indicates that somebody is looking to buy today’s recent dip, which saw Bitcoin and most other cryptocurrencies lose upwards of 3%. As it stands, Bitcoin currently sits at $7,999, after falling back below the $8,000 price point for the fourth time this month. However, if a recent tweet by famed margin trader Angelo BTC is to be believed, further losses might be on the cards as Bitcoin heads closer to $6,000.
Do you think there is any relationship between the minting of large amounts of stablecoin and subsequent bullish price action? Let us know your thoughts in the comments below.
Images are courtesy of Shutterstock, Twitter.