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A mysterious whale transferred 312 million USD Coin USDC/USD from Circle Internet Financial to exchanges in just the last eight hours.
What Happened: On-chain data analytics platform Lookonchain found a mysterious whale activity after Coinbase COIN said on Thursday that it would no longer accept or initiate payments with Silvergate Capital Corp. SI.
According to the on-chain data tracker, one mysterious whale started to withdraw USDC from Circle and initiated transfer to exchanges. The price of Ethereum ETH/USD increased by 2% during this period.
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Circle, the issuer of the USDC stablecoin, said on Friday that it is withdrawing from “certain services” involving Silvergate Capital. This move adds to the growing list of companies distancing themselves from the financially troubled U.S. bank.
However, the whale again withdrew 10 million USDC from Circle to exchanges in the last two hours. Lookonchain noted that the behavior of this mysterious fund “is very strange.”
The price of ETH, and Bitcoin BTC/USD dropped by 5% during this time, leaving investors wondering if this whale has anything to do with the market decline.
Price Action: At the time of writing, ETH was trading at $1,573, in the last 24 hours, according to Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.