As cryptocurrency sales ramp up, stablecoin flows to exchanges have doubled to $98 billion from previous levels, noted CryptoQuant analyst Darkfost.
The increase in stablecoin inflows exceeded the 90-day average of $89 billion.
“This suggests that capital deployment has accelerated in recent weeks and that the market clearly needs it,” the analyst wrote on his blog. “Nevertheless, the selling pressure remains too strong to be fully absorbed.”
The cryptocurrency market is currently going through a delicate phase marked by a structural lack of liquidity in a context of still high uncertainty. Bitcoin fell more than 10% to $64,000 on Friday and is slowly closing in on a 50% correction from its all-time high in October.
Some participants are already buying this dip
Analyst Darkfost described the increase in stablecoin flows as “a positive signal” as it shows growing investor interest in gaining exposure to the market. Additionally, this shows that capital is starting to return to the digital asset space.
“This dynamic still needs to be strengthened, but some participants are already adhering to this decline. »
In particular, some mid-cap stablecoins like USDS and USD1 continued to gain share, while the total market cap of stablecoins decreased by 1.0% WoW to $305.1 billion, due to the continued contraction in the supply of USDT and USDC, according to Messari.
Tether (USDT), the largest stablecoin by market capitalization, hit $0.99 in 24 hours with volume of $257.45 billion, an increase of 60%.
Stablecoin Inflows Doubled to $98 Billion Amid Selling Pressure – The report appeared first on Cryptonews.


