Stablecoins on exchanges hit a record $ 10 billion, signaling the next uptrend?

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2021-03-29 11:58:13

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The number of stablecoins held on cryptocurrency exchanges has reached an all-time high, according to data from analyst Crypto Quant.

Crypto Quant reported that the amount of stablecoins, or digital currencies pegged to the dollar, is now held on exchanges to have reached an all-time high of $ 10 billion.

This could be a bullish trend towards the market Bitcoin and cryptocurrencies in general if they are seen as being on the move or stored in preparation for acquiring additional assets.

During a market correction last week, Ki Young Ju – CEO of Crypto Quant – noted that when Bitcoin moves to exchanges, it often signals that investors are preparing to sell. real.

During the massive slump, whales deposited BTC into exchanges ready to sell Bitcoin instantly, but in the end they didn’t sell BTC.

The big sell-off didn’t really happen as the size of the third correction in Bitcoin’s market was around 16%, from an all-time high of $ 60,100 to as low as $ 50,600 on May 25. 3. The previous two corrections were much larger than this one, at 31% and 26% respectively.

Last weekend, Bitcoin price rebounded to 56,400 USD, but fell slightly in Monday morning trading in Asia. Volatility expected after the main options expired on Friday did not happen.

With more stablecoins now on exchanges than ever before could signal a strong buy coming, bringing assets and markets in general higher.

According to Transparency Report, tether (USDT) is the dominant stablecoin in the market right now, with a circulating supply of 40 billion USD. Since the beginning of 2021, the amount of USDT in circulation has doubled.

About a quarter of that USDT is on exchanges, meaning the majority of the rest is being used in decentralized financial protocols, making it possible for holders to earn much better interest rates. with any high-end bank up to now.

The second largest stablecoin is Circle’s USDC with a supply of about $ 11 billion, while BUSD is the third largest with $ 3.5 billion.

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