Exchanges’ stablecoin reserves such as Tether (USDT) and USD Coin (USDC) set a new record.
According to data from data provider CryptoQuant Global crypto exchanges’ stablecoin reserves reached an all-time high of $ 10 billion on March 28.
Cryptocurrency exchanges hold almost 16 percent of the value of the stablecoin market, whose current total market values exceed $ 63 billion. The total transaction volume of Stablecoins is estimated to be $ 88 billion.
According to CryptoQuant data, the exchanges’ stablecoin volume has set a record for consecutive years this year, doubling in just two months. The increase in stablecoin inflows to exchanges is seen as a positive sign for Bitcoin (BTC) in the short term as it indicates that the coins held on the sidelines will be transferred back to BTC.
Technical analyst Crypto Seer said that the “Stablecoin Ratio of All Exchanges” indicator has also been seen since November 2020. announced that it fell to the lowest level.
Crypto Seer said, “Whenever this indicator drops, BTC also shows serious strength. The decrease in the BTC reserves of the exchanges can also be seen. ”The indicator” Stablecoin Ratio of All Exchanges “aims to reveal the possible selling pressure by dividing the BTC reserves of the exchanges into stablecoin reserves.