The Bitcoin (BTC) price rose to a new six-month high of $24,800 on February 16, registering a double-digit surge of 15%. 

Many people attributed the BTC price surge to a number of factors, including a rise in dollar value and declining inflation. On-chain data indicates the current price momentum can be traced back to a mysterious fund that started pouring money into the crypto market on Feb. 10.

According to data shared by Lookonchain, nearly $1.6 billion in institutional funds have flowed into the crypto market over the past six days. The majority of the $1.6 billion fund flowed in the form of stablecoins, especially Circle-issued USD Coin (USDC). The owner of the funds first withdrew their USDC from Circle and then sent it to various exchanges.

(By PRASHANT JHA)

Get the latest news here: Cointime channel — https://t.me/cointime_en