The past 24 hours have seen the entire crypto market trading in the green as the price of Bitcoin hit a high of just around $25K. The last time BTC traded around this level was in August 2022, and market players are starting to get optimistic.
Bitcoin posted one of its most impressive daily price gains in a while, jumping from $21,500 to a six-month high near $25,000. Despite briefly retracing the carry level of several hundred dollars, BTC was still up more than 11% on the day, as Mike Novogratz predicted $30,000 by the end of March.
Alternative altcoins also followed the trend by marking significant gains. OKB, FTM, APT and NEAR lead with double-digit increases.
The past few days have been relatively negative for bitcoin, which fell from over $24,000 to $21,500 amid ongoing regulatory scrutiny by the SEC and other US watchdogs. The subsequent release of US CPI data pushed BTC below $21,500.
Its market capitalization has soared to $475 billion for the first time in months. Its dominance over altcoins has increased to 42.7%, meaning the metric is up over 1% in just one day.
It should be noted that even the slightly slower CPI data could be part of the reason. But some groups of mysterious whales are also involved in the movement.
Data from Lookonchain reveals that there are some mysterious funds that have moved large amounts of cash recently. Some funds/institutions withdrew 1.6B USDC from Circle and only deposited 0.2B USDC. Previously used mystery funds did not stop pouring money into the crypto market when BTC/ETH fell.
His address “0x308F” has withdrawn 155 million USDC from Circle and transferred to the exchange since Feb 10.
Additional information revealed that the same fund also issued nearly 400 million USDC and also transferred it to the exchange since February 10.
Now the question remains, who is the owner of this address? Does it consist of institutions or not?
