Cryptoquant Chief Says $1.7 Billion Stable Coins Have Been Transferred To Crypto Exchanges, Which May Mean A Bullish Scenario for crypto.
Ki Young Ju, CEO of CryptoQuant, revealed on Twitter that nearly $2 billion in stablecoins have recently been transferred to various crypto exchanges.
There are two possible scenarios for such large amount of stable coins transferred to cryptocurrency exchanges. First is that these stable coins will be used to buy BTC, ETH and other altcoins and that will result in increasing price thus pumping the market, the second scenario is that this could be a preparation from exchanges of user withdrawals before a big coming dip.
Ki Young Ju writes:
“$1.7B worth stablecoins flowed into exchanges lately.
Theoretically, exchanges fill up stablecoins to
1/ buy crypto assets as user request (or exchange side)
2/ prepare user withdrawals before the dip
Hopefully, we’re in scenario 1.”
$1.7B worth stablecoins flowed into exchanges lately.
Theoretically, exchanges fill up stablecoins to
1/ buy crypto assets as user request (or exchange side)
2/ prepare user withdrawals before the dipHopefully, we’re in scenario 1.
Chart ? https://t.co/5ogQVhn3z4 pic.twitter.com/zAJLZHpB2e
— Ki Young Ju 주기영 (@ki_young_ju) August 27, 2021
Now, the supply of stablecoins on spot crypto exchanges has skyrocketed to a new all-time high of $19.22 billion.
"Stablecoin Supply on Exchanges Hitting New ATHs" by @JanWues
Read more in Quicktake?https://t.co/Mq8pMmAqDv pic.twitter.com/RNqKUaDccA
— CryptoQuant.com (@cryptoquant_com) August 27, 2021
The current value of $19.22 billion is a increase of five times from the all-time-high of $4.20 billions stable coins that were present in crypto exchanges in late January.
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