Whale transactions made on Coinbase, the largest cryptocurrency exchange in the USA, may have triggered a “buy signal” for investors.
Wallets thought to belong to crypto whales were posted on the Coinbase exchange the other day. $1.3 billion sent USD Coin (USDC) worth
Crypto analyst Blockchain Mane wrote on Cointelegraph:Sending USDC to exchanges is a great buying signal.” he commented.
$1.3 billion USDC each to Coinbase 150 to 350 million dollars size was sent through five different processes.
Crypto investors commonly use stablecoins uses. Sending stablecoins to exchanges, these can be used to purchase It is considered as a bullish signal for
Analyst Lark Davis, “If a whale actually bought this at these prices, then yes, this could have a huge impact on the price of the asset purchased, which in turn Bitcoin or Ethereum It is almost certain that it is.” said.
However, whale movements are causing crypto prices to decline. In what direction will it go? alone in a reliable indicator not. Davis, ““Whale movements attract a lot of attention, but we never know exactly what they are doing.” said.