Bitcoin Price Rising, Translucent 25 Thousand US Dollars, Pumped Whale?

Bitcoin prices have risen in recent days. (Photo; Doc. Unsplash)

JAKARTA - The price of the crypto market on Tuesday was in the green zone as Bitcoin reached a high of around 25 thousand US dollars (around IDR 380 million). BTC last reached this level in August 2022. It seems that the market is very excited about this situation. However, what caused Bitcoin to rise so much?

As already mentioned, the price of BTC has increased by more than $2.000 in the last 24 hours alone. While slightly positive inflation could also be to blame, it seems that there are some mysterious whales involved in the price movement.

According to data from Lookonchain, several institutions or funds have moved large amounts of money recently. Some of these institutions withdrew 1.6 billion USDC from Circle and deposited only 0.2 billion USDC. And, they also don't stop pouring money into the crypto market when the price of BTC/ETH drops.

Address "0x308F" withdrew 155 million USDC from Circle and transferred it to the exchange since February 10th. Additional information also revealed that the same fund had withdrawn nearly 400 million USDC and transferred it to exchanges since February 10th.

DailyCoin reports it's not the only mysterious address pouring massive money into the market lately. The data also shows that another address, "0x3356," withdrew nearly $1 billion and held it on exchanges. Another address withdrew around 143 million USDC from Circle and also bought Bitcoin.

Until now it is not known whether the owner of the address is a public company, institution, or something else because large amounts of funds have flowed into the market.