Binance Stablecoin Outflow On Steady Rise — What This Means For The Market
The aftermath of the October 10 flash crash continues to weigh on the cryptocurrency market, with major digital assets still showing signs of strain. Recent data from an on-chain analysis sheds light on one of the underlying factors behind the market struggle. Related Reading: Binance Stablecoin Supply Surges To Record $42B: Liquidity Flows Back Into Markets Stablecoin Netflow In Downtrend — Analyst In a recent QuickTake post on CryptoQuant, a market analyst with the username CryptoOnchain reported an interesting change in stablecoin activity on the Binance exchange. This analysis is....
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Since Binance announced it would auto-convert USDC, USDP and TUSD into BUSD on Sept. 6, BUSD’s share of the total stablecoin market has risen from 10.01% to 15.48%. FTX CEO Sam Bankman-Fried (SBF) said the rise of Binance stablecoin BUSD could spark the “Second Great Stablecoin War,” given how fast its market cap has surged over recent months. Bankman-Fried's recent comments come a month after Binance pushed ahead with plans to auto-convert a host of stablecoins supported on its exchange into BUSD on Sept. 6, — which has seen BUSD's share of the total stablecoin market rise since. BUSD’s....
As Bitcoin (BTC) continues to trade in the high $100,000 range following the October 9 crypto market crash, some bullish signs are starting to emerge. Notably, stablecoin reserves on leading crypto exchanges like Binance are entering all-time high (ATH) territory, hinting at a potential rally for BTC. Stablecoin Reserves Rise – Will Bitcoin Benefit? According to a CryptoQuant Quicktake post by contributor PelinayPA, Binance stablecoin reserves are approaching ATH levels, indicating that investors are ready to deploy funds to accumulate BTC at current or lower levels. Related Reading:....
A look at what increasing capital outflow from China suggests about bitcoin adoption, and what implications a Chinese slowdown might have for the bitcoin price going forward. At the end of last month, we learnt that Chinese capital outflows during 2015 totaled $676 billion net. The data marks only the third net capital outflow since the turn of the millennium, and by far the biggest, with the other two coming in at less than $140 million net (2012,2014). The outflow comes against a backdrop of wider economic weakness in China and emerging markets, and quantifiably highlights China’s....
Over the past couple of weeks, Bitcoin has been moving to reclaim its past key levels around $70,000 and $75,000. Interestingly, on-chain data suggests that this may be due to a steady influx of new demand. Related Reading: Here’s Why The Bitcoin Price Fell Below The $70,000 Level Again Approximately $55M In BTC Exits Binance […]
Exciting data from an on-chain analysis has recently surfaced, revealing accumulation patterns in Bitcoin and Ethereum on the Binance exchange that have historically preceded renewed bullish momentum. Related Reading: Massive Bitcoin Bid Walls Spotted On Binance: Bulls Step In With 2,800 BTC Cluster Binance Sees $1.77B BTC/ETH In Outflows As $1.58B In Stablecoins Enter In a QuickTake post on November 14, pseudonymous market analyst CryptoOnchain shares insights into the crypto market direction, based on Binance activity. This post revolves around the Binance 7-Day Asset Netflow By Network....