Key Notes
- Coinbase saw a net inflow of 1.55 billion USDC in 24 hours.
- Bitcoin broke above $91,000 as the market turned bullish.
- Bitcoin and Ethereum recorded notable outflows from CEXs.
The strong USDC
USDC
$1.00
24h volatility:
0.0%
Market cap:
$75.93 B
Vol. 24h:
$14.16 B
inflows into Coinbase, a leading centralized cryptocurrency exchange, triggered a market-wide buying spree.
According to data from CoinGlass, Coinbase saw a net inflow of 1.55 billion USDC, the second-largest stablecoin, over the past 24 hours.
On the other hand, most of the major crypto exchanges recorded USDC outflows. For instance, Binance registered a net outflow of 411.8 million USDC in the same timeframe, according to CoinGlass data.
Despite the USDC outflows, Binance still witnessed a net inflow of 145.5 million USDT
USDT
$1.00
24h volatility:
0.0%
Market cap:
$184.56 B
Vol. 24h:
$93.33 B
.
Big stablecoin inflows usually mean that investors are preparing to purchase volatile assets like Bitcoin
BTC
$91 509
24h volatility:
4.7%
Market cap:
$1.83 T
Vol. 24h:
$76.29 B
and altcoins. And since the amount of USDC entering Coinbase is huge, it could also be linked to whales and institutional players, not just small traders.
It’s important to note that some deposits might be for selling, hedging or just moving funds, so the inflow does not guarantee that the prices will go higher.
Bitcoin and Ethereum Accumulation
In addition to the stablecoin inflows into Coinbase and Binance, some investors have also been accumulating Bitcoin and Ethereum
ETH
$3 026
24h volatility:
3.9%
Market cap:
$365.27 B
Vol. 24h:
$21.50 B
.
CoinGlass data shows that leading crypto exchanges recorded a net outflow of 3,957 BTC and 10,220 ETH (each worth $361.4 million and $309.7 million, respectively) over the past day.
The accumulation came as Bitcoin broke above $91,000, with a market cap of $1.82 trillion. Ethereum also surpassed the $3,000 mark with a market value of $365 billion.
According to a Coinspeaker report on Nov. 26, whale traders on the perpetuals exchange Hyperliquid opened roughly $100 million in long positions. In simple terms, the movement shows strong optimism for another bull run.
However, the overall market sentiment is still mixed, which could push the crypto assets’ prices either way.
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
Wahid Pessarlay on X
Source: https://www.coinspeaker.com/1-55b-usdc-floods-coinbase-as-bitcoin-hits-91k/
