Stablecoin market capitalization is increasing, ratio to Bitcoin market cap is similar to previous all-time high. USD Coin deposits on exchanges climbed to a one-year high on Monday. CryptoQuant CEO says stablecoins have been used as buy-side liquidity in this cycle. Stablecoin market capitalization is on rise as USD Coin deposits on exchanges hit a one-year peak on Monday, June 24.
deposits hit one-year peak Bitcoin sustains above $61,000, and altcoins have started their recovery from the recent correction in prices. Crypto traders are likely buying the recent dip in cryptocurrencies, per IntoTheBlock data. Lucas Outumuro, Head of Research at IntoTheBlock, noted that net inflows into centralized exchanges hit a one-year high on June 24 at $228 million. Outumuro poses the question, “People depositing stables to buy the dip?”
net inflows into centralized exchanges hit a one-year high yesterday of $228M People depositing stables to buy the dip? $BTC $ETH pic.twitter.com/oAwDv4O1dX — Lucas June 25, 2024 It is likely that the stablecoin deposits to exchanges represent buyers lining up to buy crypto during the dip. The thesis is backed by Ki Young Ju’s recent tweet on X.
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