Blockware analyst Will Clemente can help us understand the nature of what is happening. The chart, which the analyst calls compelling, shows a pattern whereby when the share of stablecoins in the total market capitalization decreases, the Bitcoin price rises. On the contrary, when there are a large number of stablecoins deployed on the market, but no buyers left, Bitcoin's price falls.
Clemente explains this pattern by saying that, in the first case, participants are forced to chase the upward rally, while in the second case, on the contrary, a lack of buyers drags the price down. The logic of the chart is simple and obvious, but it is its graphical representation that is important and reflects well the pattern suggested by Clemente.When large amounts of stablecoins are on the sideline relative to crypto's mkt cap, market participants have to chase the rally higher.
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