Glassnode CTO Rafael Schultze-Kraft revealed a “massive” inflow of USD Coin (USDC) to major Bitcoin and cryptocurrency exchanges last month.

 

According to Glassnode CTO, this is the case for marginalized capital; It shows that potential buyers can flow into Bitcoin by waiting for the right moment to enter the market.

With its record-breaking stablecoin flow, CryptoQuant stated on January 29 that stablecoin inflows reached an all-time high on all cryptocurrency exchanges. Tether, the largest stablecoin with a market capitalization of $ 26.5 billion, has the highest share (42.6%) of these transactions.

Still, with Binance USD (BUSD) and USDC ranking second and third respectively; Numerous competitors are vying for the stablecoin throne.

https://twitter.com/cryptoquant_com/status/1355037171728584705?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1355038434016980993%7Ctwgr%5E%7Ctwcon%5Es2_&ref_url=https%3A%2F%2Fkriptokoin.com%2Fborsalara-stablecoin-akiyor-bitcoin-icin-yukselis-sinyali-mi%2F

According to a report in U.today, a large number of stablecoin investments standing on the sidelines; It is often regarded as a bullish indicator for Bitcoin, as it represents the “gunpowder” of buyers.

 

A short-lived Elon Musk pump for Bitcoin

At the time of writing, Bitcoin is trading at $ 32,676 and its upward momentum is gradually decreasing. Although there was a flash Elon Musk pump that sent the crypto currency to $ 38,000 on Friday, BTC has now fallen below $ 33,000.

The bulls only have hours to save Bitcoin’s monthly candle.

See Also
Russia's largest bank is issuing stablecoins!

The cryptocurrency climbed to an all-time high on January 8th and then faced a series of brutal corrections.

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