Stablecoin Growth Is More Important Cue for Crypto Bull Market Than Bitcoin ETF Inflows: Analyst

The supply of leading stablecoins USDT and USDC grew by $10 billion in the past 30 days, twice the inflows to bitcoin ETFs during the same time, 10x Research noted.

Watching the stablecoin supply, however, could be a more useful indicator for crypto demand, and its rapid expansion suggests prices will go higher, 10x Research said in a Monday report. Stablecoins – digital assets with a fixed price, predominantly pegged to one U.S. dollar – are a key piece of infrastructure bridging traditional currencies with the digital asset world and providing liquidity for trading. Changes in their supply provides an important clue about the health of the crypto market, as market participants create stablecoins by depositing fiat money, the 10x report said.

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