A mysterious whale transferred 312 million USD coin USDC/USD out of Circle Internet Financial for exchange in just the last eight hours.

What happened: On-chain data analytics platform Lookonchain found mysterious whale activity afterwards coin base COIN announced on Thursday that it would no longer accept or initiate payments Silvergate Capital corp. S.I.

According to the on-chain data tracker, a mysterious whale began ripping off USDC from Circle and initiated transfers to exchanges. The price of ether ETH/USD increased by 2% during this period.

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Circle, the issuer of USDC stablecoin, said on Friday that it was withdrawing from “certain services” related to Silvergate Capital. The move adds to the growing list of companies distancing themselves from the financially troubled US bank.

However, the whale has again withdrawn 10 million USDC from Circle on exchanges in the past two hours. Lookonchain noted that the behavior of this mysterious fund is “very strange”.

The price of ETH and Bitcoin BTC/USD fell 5% during that time, leaving investors wondering if this whale has anything to do with the market decline.

Price promotion: At the time of writing, ETH has been trading at $1,573 for the past 24 hours, according to Benzinga Pro.

Continue reading: Bitcoin, Ethereum, Dogecoin Slip On Silvergate Panic: Analyst Says ‘Time For A Squeeze’ As Crypto Market Wipes Out $240M