{"id":519101,"date":"2023-02-09T09:20:32","date_gmt":"2023-02-09T09:20:32","guid":{"rendered":"https:\/\/wncen.com\/?p=519101"},"modified":"2023-02-09T09:55:36","modified_gmt":"2023-02-09T09:55:36","slug":"this-mysterious-fund-could-be-behind-the-40-surge-in-ethereum-prices","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/this-mysterious-fund-could-be-behind-the-40-surge-in-ethereum-prices\/","title":{"rendered":"This Mysterious Fund Could Be Behind The 40% Surge in Ethereum Prices"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Based on on-chain data, one mysterious crypto fund could be directly behind the recent Bitcoin, Ethereum, and digital asset rally.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Mysterious Fund Might Be Behind The Recent ETH Crypto Rally<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to Lookonchain data streams, an unknown fund started strategizing its entry into crypto in early December 2022. Then, it was observed that they converted large chunks to USDC, a stablecoin, from its issuer, Circle.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/eth\/ethereum-price-retest-1600\/\">Ethereum Price Close Below $1,600 Could Spark Larger Degree Correction<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">After that, the funds were converted to USDT, the world\u2019s most liquid stablecoin issued by Tether Holding, in five different addresses before being moved to exchanges.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ A mysterious fund started pouring money into the crypto market ahead of this year&#39;s small <a href=\"https:\/\/twitter.com\/hashtag\/BullMarket?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BullMarket<\/a>.<\/p>\n<p>The fund started withdrawing <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USDC<\/a> from <a href=\"https:\/\/twitter.com\/hashtag\/Circle?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Circle<\/a> on Dec 7, 2022 and has over 10B <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USDC<\/a> as of today.<\/p>\n<p>Then exchanged for <a href=\"https:\/\/twitter.com\/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USDT<\/a> via 5 addresses, and deposited to exchanges. <a href=\"https:\/\/t.co\/n4UiVWSbHe\" rel=\"nofollow\">pic.twitter.com\/n4UiVWSbHe<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/49902592?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Specifically, on-chain data shows that whenever the fund minted USDC from Circle and converted to USDT before being moved to Coinbase, Kraken, and Binance, the Ethereum (ETH) price began increasing.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Based on this correlation, analysts are convinced that the \u201crise in cryptocurrency prices has something to do with this fund.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of February 9, the mysterious crypto fund has $1 billion USDC.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">By shifting huge sums of USDT to exchanges whose order books are open to the public, the fund could have triggered a pump in Ethereum prices. From late December 2022, Ethereum and crypto prices began recovering from the lows registered in 2022. ETH prices have increased roughly 40% from December 2022 lows.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ethereum is trading at over $1,600. Meanwhile, the price of Bitcoin is above $22,000.<\/span><\/p>\n<figure id=\"attachment_519103\" aria-describedby=\"caption-attachment-519103\" style=\"width: 891px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-519103 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?resize=891%2C518\" alt=\"Ethereum Price On February 9\" width=\"891\" height=\"518\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=891 891w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=750 750w\" sizes=\"auto, (max-width: 891px) 100vw, 891px\"><figcaption id=\"caption-attachment-519103\" class=\"wp-caption-text\">Ethereum Price On February 9| Source: <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">ETHUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The improvement of asset valuation follows a price slump that saw BTC drop to as low as $15,300 at the height of the FTX-induced fear, uncertainty, and doubt (FUD). FTX filed for bankruptcy in November, months after 3AC, a crypto hedge fund, went under. Both events triggered a crash in the market.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Is There A Case For Ethereum Demand?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Why the crypto fund prefers Ethereum is yet to be known. However, Ethereum has shifted to a proof of stake system and is thought to be more environmentally friendly than Bitcoin, which still uses a proof of work consensus algorithm system that is more energy intensive. There are arguments that by using a staking system, the smart contracting platform stands to attract more investors.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/matic-spikes-as-ethereum-whales-show-interest-buying-over-2-million-tokens\/\">MATIC Spikes As Ethereum Whales Show Interest, Buying Over 2 Million Tokens<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Ethereum also dominates as the home of DeFi and NFTs. DeFiLlama\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/chain\/Ethereum\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\"> that DeFi protocols in the network manage over $28 billion of assets. Lido Finance, a liquidity staking provider, currently dominates, managing over $8.3 billion.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The block utilization rate in Ethereum is consistently above 95%, pointing to the high level of demand. By attracting activity, there is demand for ETH, which is used to pay for gas, leading to more coins being destroyed, making it more inflationary. Ultrasound Money on February 9 <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/ultrasound.money\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">indicates<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that 70,547.33 ETH had been burnt in the last month.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Flickr, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Based on on-chain data, one mysterious crypto fund could be directly behind the recent Bitcoin, Ethereum, and digital asset rally. Mysterious Fund Might Be Behind The Recent ETH Crypto Rally According to Lookonchain data streams, an unknown fund started strategizing its entry into crypto in early December 2022. Then, it was observed that they converted large chunks to USDC, a stablecoin, from its issuer, Circle.\u00a0 Related Reading: Ethereum Price Close Below $1,600 Could Spark Larger Degree Correction After that, the funds were converted to USDT, the world\u2019s most liquid stablecoin issued by Tether Holding, in five different addresses before being moved to exchanges. 1\/ A mysterious fund started pouring money into the crypto market ahead of this year&#39;s small #BullMarket. 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 &mdash; Lookonchain (@lookonchain) February 9, 2023 Specifically, on-chain data shows that whenever the fund minted USDC from Circle and converted to USDT before being moved to Coinbase, Kraken, and Binance, the Ethereum (ETH) price began increasing.\u00a0 Based on this correlation, analysts are convinced that the \u201crise in cryptocurrency prices has something to do with this fund.\u201d As of February 9, the mysterious crypto fund has $1 billion USDC. By shifting huge sums of USDT to exchanges whose order books are open to the public, the fund could have triggered a pump in Ethereum prices. From late December 2022, Ethereum and crypto prices began recovering from the lows registered in 2022. ETH prices have increased roughly 40% from December 2022 lows.\u00a0 Ethereum is trading at over $1,600. Meanwhile, the price of Bitcoin is above $22,000. \u00a0 The improvement of asset valuation follows a price slump that saw BTC drop to as low as $15,300 at the height of the FTX-induced fear, uncertainty, and doubt (FUD). FTX filed for bankruptcy in November, months after 3AC, a crypto hedge fund, went under. Both events triggered a crash in the market. Is There A Case For Ethereum Demand? Why the crypto fund prefers Ethereum is yet to be known. However, Ethereum has shifted to a proof of stake system and is thought to be more environmentally friendly than Bitcoin, which still uses a proof of work consensus algorithm system that is more energy intensive. There are arguments that by using a staking system, the smart contracting platform stands to attract more investors.\u00a0 Related Reading: MATIC Spikes As Ethereum Whales Show Interest, Buying Over 2 Million Tokens Ethereum also dominates as the home of DeFi and NFTs. DeFiLlama\u00a0shows that DeFi protocols in the network manage over $28 billion of assets. Lido Finance, a liquidity staking provider, currently dominates, managing over $8.3 billion.\u00a0 The block utilization rate in Ethereum is consistently above 95%, pointing to the high level of demand. By attracting activity, there is demand for ETH, which is used to pay for gas, leading to more coins being destroyed, making it more inflationary. Ultrasound Money on February 9 indicates\u00a0that 70,547.33 ETH had been burnt in the last month. Feature image from Flickr, Chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":519102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[84573,1946],"class_list":["post-519101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth-rally","tag-ethereum"],"acf":[],"yoast_head":"\n<title>This Mysterious Fund Could Be Behind The 40% Surge in Ethereum Prices<\/title>\n<meta name=\"description\" content=\"Based on onchain data, one mysterious crypto fund could be directly behind the recent Bitcoin, Ethereum, and digital asset rally.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/\",\"https:\/\/x.com\/Dalmas_Ngetich\"],\"url\":\"https:\/\/wncen.com\/author\/dalmasngetich\/\"}]}<\/script>\n","yoast_head_json":{"title":"This Mysterious Fund Could Be Behind The 40% Surge in Ethereum Prices","description":"Based on onchain data, one mysterious crypto fund could be directly behind the recent Bitcoin, Ethereum, and digital asset rally.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/ethereum\/this-mysterious-fund-could-be-behind-the-40-surge-in-ethereum-prices\/","og_locale":"en_US","og_type":"article","og_title":"This Mysterious Fund Could Be Behind The 40% Surge in Ethereum Prices","og_description":"Based on onchain data, one mysterious crypto 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