CryptoQuant analysts noted that the volume of stablecoins in the wallets of cryptocurrency exchanges exceeded $ 10 billion – a record figure and a bullish signal for Bitcoin.
CryptoQuant CEO Ki Young Ju notedthat the inflow of bitcoins to the wallets of cryptocurrency exchanges indicated the possibility of a fall in the cryptocurrency market, but there was no sale and large stocks of stablecoins on the wallets of exchanges most likely indicate an increase in the bitcoin rate in the near future.
“During the fall of the market, the whales send their bitcoins to the exchanges in order to sell them immediately if the fall continues. And then they keep them, “wrote Ki Yong Joo.
The total capitalization of the stablecoin market is about $ 60 billion. Thus, more than 17% of the total number of stable cryptocurrencies are concentrated on the wallets of cryptocurrency exchanges.
Over the weekend, the bitcoin rate rose to $ 56,400, and on Monday, BTC continued to recover its lost positions. At the time of publication, Bitcoin is trading at around $ 58,000.
On March 20, the capitalization of the second largest stablecoin USDC exceeded $ 10 billion, while the capitalization of the market leader, USDT, is more than $ 40 billion.
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