On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin
On-chain data shows a recent rise in the number of stablecoin addresses sending to exchanges, suggesting an increase in dry powder supply pumping into Bitcoin. Stablecoins Exchange Inflow Addresses Count Recently Surges As pointed out by a CryptoQuant post, the number of stablecoin addresses making inflow transactions to exchanges saw a sharp rise yesterday. Stablecoins are tokens that have their values tied to a fiat currency. Since they are relatively stable (as their name suggests), investors like to use them for temporarily pulling out of volatile markets like Bitcoin. The “all....
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Stablecoins, the digital currency that is the talk of the town, are gradually taking over the crypto world as more users and corporations vie for its benefits. Such news doesn’t come as a surprise anymore. As the total value of the world’s 12,333 digital currencies approaches $1.8 trillion, the stablecoin economy has recently grown to $179 billion, or nearly 10% of the total crypto economy. This record has been much quicker to attain compared to last year, where it took around two months to see the transfer volume surpass $150 billion. In 2020, it took nine months to surpass this....
On-chain data shows the Bitcoin stablecoin supply ratio is now showing a green signal that has proved to be profitable for the crypto several times in the last two years. Bitcoin Stablecoin Supply Ratio Shock Momentum Forms “Buy” Signal As pointed out by an analyst in a CryptoQuant post, out of the 11 previous such buy signals, 10 ended up profitable for the crypto. The “stablecoin supply ratio” (or the SSR in brief) is an indicator that measures the ratio between the market cap of Bitcoin and that of all stablecoins. Generally, whenever investors want to avoid....
Bitcoin analyst says new ATH in October is likely as on-chain data shows stablecoins may have started to pump into BTC. Stablecoins Reserve Starts Moving Down, Bitcoin To Reach New ATH In October? As explained by an analyst on CryptoQuant, after staying at highs, the stablecoins reserve has finally started a decline. Based on this and a couple other indicators, the quant believes there is a high probability we will see a new Bitcoin all time high (ATH) in October. The stablecoins exchange reserve is an indicator that shows the total amount of fiat-tied coins currently present on exchanges.....
On-chain data shows the Chainlink exchange supply has observed a plummet, something that could turn out to be bullish for the asset’s price. Chainlink Supply On Exchanges Has Registered A Drawdown Recently According to data from the on-chain analytics firm Santiment, the LINK supply on exchanges could be forming a bullish divergence right now. The […]
On-chain data shows the Bitcoin exchange supply has registered an increase of 3.1% during the past two weeks. Here’s what this could mean. Bitcoin Supply On Exchanges Has Been Going Up Recently According to data from the on-chain analytics firm Santiment, exchanges have recently received significant BTC deposits. The “supply on exchanges” refers to the […]