The CryptoQuant analytical platform reported that over the past 24 hours, $ 5.28 billion in various stablecoins were transferred to the addresses of cryptocurrency exchanges. This is a record figure for the entire time of observation.
Moskovski Capital investment director Lex Moskovski noted that many traders took advantage of the decline in bitcoin to buy the first cryptocurrency. The influx of stablecoins to cryptocurrency exchanges even surpassed deposits in early February when Tesla announced a massive BTC purchase.
The buyback of bitcoins is also confirmed by data from Glassnode, which reports that after the fall of bitcoin, 19,639 BTC ($ 731 million) were withdrawn from cryptocurrency exchanges in just 10 minutes. 15,909 BTC worth $ 638 million were withdrawn from Bitfinex alone.
Now the bitcoin rate has won back part of the fall, BTC is already trading above $ 40,000. This was facilitated by a tweet by Elon Musk, in which he speaks of “diamond hands” (the term means the intention to keep an asset in any situation), as well as a statement by the CEO of MicroStrategy Michael Sailor.
The fact that institutional investors increased their purchases of bitcoins during the fall in the rate was also reported by representatives of several trading platforms.
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