In the days leading up to the recent Bitcoin bullish run, stablecoins have also performed wildly
Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: MICHAEL KAPILKOV, reprinted with authorization by Odaily.
Cointelegraph Chinese (ID: CointelegraphChina)
In the days leading up to Bitcoin’s recent price rally, stablecoins have gone wild, exhibiting some unprecedented phenomena.
Source: CryptoQuant
Transaction inflows and total addresses for all exchange stablecoins
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Source: CryptoQuant
According to data from CryptoQuant, on October 18, the number of stablecoins flowing into exchanges and the number of stablecoin addresses on exchanges both hit record highs, 60,000 and 56,000, respectively. CryptoQuant’s data tracks inflows of USDT and PAX, USDC, TUSD, DAI, SAI, BUSD, HUSD, and USDK on Ethereum. No unusual trends were found in the aggregate inflows of all stablecoins based on their USD value.
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CryptoQuant CEO KiYoung Ju told Cointelegraph that while the inflows were modest in terms of dollar value, it indicated a bullish trend for retail investors:
More retail investors moving tokens onto exchanges usually means market sentiment is turning bullish.
Ki Young Ju believes that the high number of stablecoin addresses in the market and the large transaction volume indicate that its inflow comes from most retail investors rather than a few large investors. Assuming investors plan to convert their stablecoins into other crypto assets (mainly Bitcoin), they send their stablecoins to exchanges. Yesterday, Tether minted 450 million USDT on the wave field (TRX) network. The company’s CTO, Paolo Ardoino, clarified earlier that the minting of 450 million USDT was authorized but not yet issued:
