Is A Mega Bull Run Incoming? Whale Transfers Over $780 Million Of Stablecoin To Binance
14 December 2023 - 9:00AM
NEWSBTC
Data Nerd Data on December 13 shows that over the past 24
hours, the wallet “0xea8” moved 200 million BUSD from Binance, the
world’s leading cryptocurrency exchange by client count. The whale
transfer caught the attention of keen crypto users, who also noted
that the transfer was soon followed by a deposit of 99.95 million
FDUSD, a stablecoin supported by the exchange. Whale Address
Accumulating FUSD Stablecoin On Binance That the address is
shuffling and accumulating large amounts of stablecoins is
noteworthy. Data Nerd Data shows that the address has transferred
over 781 million FDUSD to Binance in the last four months. During
this period, from around September, the crypto market has been
recovering, edging higher on the back of improving fundamental
factors. Related Reading: Shiba Inu Bucks Bearish Trend: Large
Holder Netflow Rises 1079% To 4.68 Trillion SHIB The accumulation
of over $781 million of stablecoin by the wallet controlled by an
unknown individual or entity is overly bullish for crypto and
Bitcoin prices. It could suggest that a large institutional
investor or group of investors is amassing stablecoins, potentially
preparing for a significant market move. Historically, large
movements of stablecoins into centralized exchanges have often
preceded major bull runs. Stablecoins are vital for crypto,
ensuring there is enough liquidity. Since most are pegged to the
USD and can be backed by fiat, these tokens, mostly minted on
Ethereum or Tron, are often used as a gateway to crypto. Therefore,
their accumulation can signal increased institutional interest and
potential buying pressure. Is A Mega Bitcoin And Crypto Rally In
The Making? That the wallet address is fortifying its FDUSD base
reinforces the notion that institutional investors, ahead of the
possible approval of the first batch of Bitcoin ETFs in the United
States, could be increasingly warming up and preparing for leading
coins like Bitcoin and Ethereum to extend gains in 2024. When
writing on December 13, Bitcoin and top altcoin prices are
relatively stable. To illustrate, Bitcoin is trending higher,
stable above the $41,000 level after pulling back from 2023 highs
of around $44,000. Crypto participants are bullish and expect
Bitcoin prices to float even higher in 2024 before halving. Binance
will stop supporting BUSD in 2024. The exchange has also delisted
USDC. Accordingly, USDT and FUSD are popular on Binance. However,
the exchange continues to be on the Securities and Exchange
Commission’s (SEC) crosshairs. Related Reading: Santiment
Points Out Trigger Behind 65% Cardano Rally In late November, the
Department of Justice (DOJ) issued a $4.3 billion penalty on
Binance as settlement with the SEC, Commodity Futures Trading
Commission (CFTC), and other aggrieved agencies in the United
States. The deal also saw Changpeng Zhao, the founder of Binance,
step down from the CEO role. Feature image from Canva, chart from
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