In the midst of the crypto market's small bull run, a mysterious fund has started making waves by pouring large amounts of money into the crypto market. This fund has made sudden movements before and throughout the recovery cycle, as it has been seen withdrawing large amounts of USDC from Circle and depositing it into exchanges.
What makes this fund so intriguing is its size and timing, as it has managed to accumulate over $10 billion USDC. The fund started withdrawing USDC from Circle on Dec. 7, 2022, and has since been exchanging it for USDT via five different addresses.
1/ A mysterious fund started pouring money into the crypto market ahead of this year's small #BullMarket.— Lookonchain (@lookonchain) February 9, 2023
The fund started withdrawing $USDC from #Circle on Dec 7, 2022 and has over 10B $USDC as of today.
Then exchanged for $USDT via 5 addresses, and deposited to exchanges. pic.twitter.com/n4UiVWSbHe
Whenever this mysterious fund starts withdrawing USDC from Circle and transferring it to exchanges, the price of ETH has been seen to rise. This correlation between the fund's movements and the rise in cryptocurrency prices has led analysts to believe that there is a direct link between the two.
Speculation is rife about the identity of this mysterious fund and what its true intentions are. Some believe that it is a group of wealthy individuals who are pooling their resources to take advantage of the bull market, while others believe that it could be an institution trying to make a statement on the crypto market.
Regardless of the real entity behind this mysterious fund, its impact on the crypto market cannot be ignored. Its sudden movements have caused the price of ETH to soar, and it has caught the attention of the crypto community. As the market continues to recover, it will be interesting to see what this mysterious fund does next and how it continues to shape the movement of assets like Ethereum.