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Stablecoins have witnessed significant growth this year. Among them, USDT remains a leader, but other ones, such as Circle-backed USDC, are also seeing considerable activity.
As such, USDC’s recent deposits to centralized crypto exchanges could signal investors buying the dip amidst several market corrections in recent weeks., USDC’s net inflow into centralized crypto exchanges reached a one-year high of $228 million on June 24. This surge suggests investors are depositing stablecoins to capitalize on lower cryptocurrency prices.
The exchange reserves ratio also indicates that stablecoins have already been utilized as buy-side liquidity. Such a scenario implied that stablecoins may not drive the next market upswing without new inflows. “Stablecoin market cap is increasing, but its ratio to BTC market cap is similar to previous ATH levels. Exchange reserves ratio as well. This suggests stablecoins have already been used as buy-side liquidity and won’t drive the next leg up without new inflows.”Bitcoin may have been up by almost 103% over the past year, but its trajectory over the past month has been disappointing. After subsequent corrections, the cryptocurrency was trading near $61,400.
“A hidden bullish divergence is forming for BTC on the daily RSI. In addition, RSI tagged the oversold territory. Last two times it happened Bitcoin went berserk mode.”PayPal's PYUSD Stablecoin Deploys Solana Because of High Throughput and Low FeesBest AI Crypto Coins in 2024: Top 9 Projects to WatchOne Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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