On-chain data shows large amounts of stablecoins have entered exchanges recently, something that could provide buying pressure for Bitcoin.
Around $111 Million Stablecoins Flowed Into Exchanges In Last Couple Of Days
ដូចដែលបានចង្អុលបង្ហាញដោយអ្នកវិភាគនៅក្នុងគ្រីបតូក្វាន់ ក្រោយ, the latest stablecoin inflow is the largest observed in this month so far.
សូចនាករពាក់ព័ន្ធនៅទីនេះគឺ "ការផ្លាស់ប្តូរបណ្តាញ,” which measures the net amount of stablecoins (of any kind) moving into or out of wallets of all centralized spot exchanges. The metric’s value is simply calculated by taking the difference between the លំហូរចូល និងលំហូរចេញ។
Positive values of the indicator mean a net number of stables are being deposited into exchanges right now, while negative ones imply investors are withdrawing their coins at the moment.
Since stablecoins have a relatively stable price due to them being tied to fiat (as their name already suggests), crypto market participants like to use them whenever they want to avoid the volatility associated with coins such as Bitcoin.
Once they feel that prices are right to jump back into the volatile cryptos, these investors exchange their stables back for them, thus providing a bullish effect to their prices.
Because of this, a trend of investors depositing their stablecoins into spot exchanges (that is, positive netflows) can imply buying pressure for BTC and other cryptos.
Now, here is a chart that shows the trend in the stablecoins exchange netflow over the month of October so far:
Looks like the value of the metric has spiked up during recent days | Source: គ្រីបតូក្វាន់
As you can see in the above graph, the stablecoin spot exchange netflows have registered a high value in the last couple of days.
This spike amounted to around $111 million worth of stables moving into spot exchange wallets. While this isn’t an extremely large value, it’s still the biggest deposit by investors in the month so far.
If these inflows have indeed been made with the aim of buying up cryptos like Bitcoin, then this may have a positive impact on the prices of the volatile cryptos in the near future.
តម្លៃ Bitcoin
នៅពេលសរសេរ។ តម្លៃរបស់ Bitcoin អណ្តែតនៅជុំវិញ $19.2k កើនឡើង 3% ក្នុងរយៈពេលប្រាំពីរថ្ងៃចុងក្រោយ។ ក្នុងរយៈពេលមួយខែកន្លងមកនេះ គ្រីបតូបានបាត់បង់តម្លៃ 1%។
ខាងក្រោមនេះគឺជាតារាងដែលបង្ហាញពីនិន្នាការនៃតម្លៃកាក់ក្នុងរយៈពេលប្រាំថ្ងៃចុងក្រោយនេះ។
The value of the crypto has continued to show stale price movement in the last few days | Source: BTCUSD ស្តីពី TradingView
រូបភាពពិសេសពី Traxer នៅលើ Unsplash.com គំនូសតាងពី TradingView.com, CryptoQuant.com
Source: https://bitcoinist.com/111m-stablecoins-exchanges-buying-pressure-bitcoin/