Crypto Market Witnesses Influx Of Stablecoins Amidst Bullish Trend

2024-2-17 09:33

Amidst the ongoing bullish season in the cryptocurrency market, there has been a surge in inflows, particularly with stablecoins flowing into exchanges, as per recent reports.

According to insights from Lookonchain, a significant whale has re-entered the crypto market, initiating substantial fund injections. 

Over the past 26 hours alone, this whale received 148.5 million USDT from the Tether Treasury and subsequently deposited it into various exchanges. 

Remarkably, this marks a continuation of the whale’s activity, as they have injected a total of 3.22 billion USDT into the crypto market since October 20, 2023.

This giant whale began to inject funds into the crypto market again.

In the past 26 hours, he received 148.5M $USDT from #TetherTreasury and deposited to exchanges.

And the whale has injected 3.22B $USDT into the crypto market since Oct 20, 2023.https://t.co/J6VcZ2QN6C pic.twitter.com/kZilgNQhoz

— Lookonchain (@lookonchain) February 15, 2024

Furthermore, institutional involvement in the crypto space is also on the rise. In the past 24 hours, FalconX and GSR received a combined total of 86.5 million USDC from Circle and subsequently deposited these funds into leading centralized exchange, Binance.

It seems that institutions are pouring funds into the crypto market!

In the past 24 hours, #FalconX and #GSR received a total of 86.5M $USDC from #Circle and deposited it into #Binance.https://t.co/HnHkvmOAA0https://t.co/Kl9tChTQHW pic.twitter.com/wNze6HKyYI

— Lookonchain (@lookonchain) February 16, 2024

Investor’s Confidence Continues Growing As Shown

These reports shed light on the growing confidence and interest among both individual and institutional investors in the cryptocurrency market. The influx of stablecoins into exchanges suggests a willingness to engage in trading activities and capitalize on potential opportunities presented by the current market conditions.

The re-emergence of the significant whale and the involvement of institutional players indicate a strong bullish sentiment prevailing in the crypto sphere. As the market continues to evolve and attract more participants, monitoring the movements of whales and institutional investors becomes increasingly crucial for understanding market dynamics and potential trends.

Overall, the influx of stablecoins and institutional funds into the crypto market underscores the growing maturity and attractiveness of cryptocurrencies as a viable investment avenue in the broader financial landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: aleksandrasova/123RF // Image Effects by Colorcinch

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market bullish amidst crypto stablecoins re-entered initiating

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