$500,000,000 USDC Stuns World's Largest Crypto Exchange Amid Hourly Bloodbath

Key Points

1. $500,000,000 in USDC was transferred to Binance during a period of heavy market liquidation.

2. Ethereum (ETH) dropped below $3,770, Bitcoin (BTC) fell under $118,200, and over 117,000 accounts were liquidated, erasing $348 million, mostly from long positions.

3. ETH saw the highest liquidation volume at $35.13 million, followed by BTC ($6.73 million) and Solana (SOL) ($5.07 million).

4. In just one hour, $84 million was wiped out, with $79 million coming from long positions.

5. The large USDC deposit occurred amid a broader market crash, raising questions about its timing and purpose.