Big Players Earn Huge Profits by Buying USDC on the Dip During Depegging

In the world of cryptocurrency, there are always big players making moves behind the scenes. Recently, Lookonchain has reported on some interesting activity regarding the USDC stablecoin. According to their report, some whales have been buying USDC on the dip and going long on the cryptocurrency during its depegging.

Lookonchain shared the details of three such whales who have gone long on USDC with the following steps. They first deposited USDC to Aave, borrowed USDT from Aave, then used the USDT to buy more USDC. Finally, they deposited the newly acquired USDC back to Aave.

The first whale bought 43,483,160 USDC with 41,815,479 USDT, currently holding 45,243,100 USDC while borrowing 33,660,785 USDT. The second whale bought 32,775,068 USDC with 30,943,470 USDT, currently holding 44,330,951 USDC while borrowing 23,451,838 USDT. And the third whale bought 21,191,621 USDC with 19,605,601 USDT, currently holding 40,726,422 USDC while borrowing 19,575,790 USDT.

While these actions may seem like just another day in the crypto world, it’s important to note that these whales are betting on the USDC stablecoin. The fact that they are buying on the dip and going long during its depegging is a sign that they believe in the future of this particular cryptocurrency.

Interestingly, this news comes on the heels of North Rock Digital CEO Hal Press buying more USDC at $0.88. Press believes that the USDC stablecoin will eventually fully repeg and is taking actions to position himself accordingly.

As always, the world of cryptocurrency is full of surprises and unpredictable changes. However, it’s clear that there are players out there who are confident in the future of certain cryptocurrencies, and the recent USDC activity is just one example of that.

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