{"id":552607,"date":"2023-02-16T11:57:20","date_gmt":"2023-02-16T08:57:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-single-day-price-surge-linked-to-billions-in-usdc-inflows\/"},"modified":"2023-02-16T11:57:20","modified_gmt":"2023-02-16T08:57:20","slug":"bitcoin-single-day-price-surge-linked-to-billions-in-usdc-inflows","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-single-day-price-surge-linked-to-billions-in-usdc-inflows\/","title":{"rendered":"# Bitcoin single-day price surge linked to billions in USDC inflows"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40a464eaf72\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40a464eaf72\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-single-day-price-surge-linked-to-billions-in-usdc-inflows\/#%E2%80%9D_Bitcoin_single-day_price_surge_linked_to_billions_in_USDC_inflows_%E2%80%9C\" >&#8221; Bitcoin single-day price surge linked to billions in USDC inflows &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_single-day_price_surge_linked_to_billions_in_USDC_inflows_%E2%80%9C\"><\/span>&#8221; Bitcoin single-day price surge linked to billions in USDC inflows &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-71a7a826>Bitcoin (BTC) hit a six-month high of $24,800 on Feb. 16, registering a double-digit surge of 15%.\u00a0<\/p>\n<p>The single-day Bitcoin price surge took many by surprise, given February has been historically bearish for the top cryptocurrency. BTC\u2019s price rose by $1,820 in a single day, making it the biggest green day for the top cryptocurrency in six months.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/14f87ee1-b5d2-4f85-8b23-00f31b405c09.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>One-day Bitcoin price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Many people attributed the BTC price surge to several factors, including a rise in dollar value and declining inflation. On-chain data indicates the current price momentum can be traced back to a mysterious fund that started pouring money into the crypto market on Feb. 10.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lookonchain\/status\/1626085716416696322?t=d5VWoHD6wwcsE7r4_-8PCQ&amp;s=19\">According<\/a> to data from Lookonchain, nearly $1.6 billion in institutional funds have flowed into the crypto market over the past six days. Most of the $1.6 billion flowed from stablecoins, especially Circle-issued USD Coin (USDC). The owner of the funds first withdrew their USDC from Circle and then sent it to various exchanges.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/8dada356-0aa6-40d5-a37b-8df0f590a631.png\"><figcaption style=\"text-align: center;\"><em>USDC withdrawal from Circle. Source: Lookonchain<\/em><\/figcaption><\/figure>\n<p>There were three notable wallets whose funds were traced from Circle to various exchanges. First, a wallet address starting with \u201c0x308F\u201d withdrew 155 million USDC from Circle and transferred to exchanges since Feb. 10. The second wallet address starting with \u201c0xad6e\u201d withdrew 397 million USDC from Circle and sent it to various exchanges, and a third wallet starting with \u201c0x3356\u201d withdrew 953.6 million USDC from Circle and transferred to exchanges around the same time.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/f8102992-9578-4363-a6bd-c3d0e8197acc.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Wallets moving funds from Circle to exchanges. Source: Lookonchain<\/em><\/figcaption><\/figure>\n<p>The Bitcoin price surge comes just days after the top cryptocurrency hit its first-ever weekly death cross. The death cross <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears on a chart when an asset\u2019s short-term moving average, usually the 50-day, crosses below its long-term moving average, usually the 200-day. Despite the bearish nature of the pattern, the death cross has been followed by above-average short-term returns in recent years.<\/p>\n<p>The crypto community reacted differently, with Bitcoin proponents <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/100trillionUSD\/status\/1625936524503093258?s=20&amp;t=vPU7uTD94qw-HxC-1eB6eg\">calling<\/a> it the start of another bull run. Samson Mow commented on the price surge, \u201cBTC price is still below the 200 WMA, which is 25k. Bitcoin trading below the 200 WMA is an anomaly.\u201d In each of its major market cycles, Bitcoin\u2019s price historically bottoms out around the 200-week moving average. Others <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/KevinSvenson_\/status\/1625975943410974736?s=20&amp;t=vPU7uTD94qw-HxC-1eB6eg\">called<\/a>\u00a0the recent price surge a bear trap while <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/sassal0x\/status\/1626030545909223424?s=20&amp;t=vPU7uTD94qw-HxC-1eB6eg\">warning <\/a>that large players are cashing out.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-single-day-price-surge-linked-to-billions-in-usdc-inflow\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin single-day price surge linked to billions in USDC inflows &#8220; Bitcoin (BTC) hit a six-month high of $24,800 on Feb. 16, registering a double-digit surge of 15%.\u00a0 The single-day Bitcoin price surge took many by surprise, given February has been historically bearish for the top cryptocurrency. BTC\u2019s price rose by $1,820 in a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":552608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/594cadc1-02f0-4054-82c2-67e5a4b4ef73.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,75936,74863,74860,74891,82350],"class_list":["post-552607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-circle","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ethereum","tag-usd-coin"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=552607"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/552607\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/552608"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=552607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=552607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=552607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}