Glassnode CTO Rafael Schultze-Kraft revealed a “massive” inflow of USD Coin (USDC) to major Bitcoin and cryptocurrency exchanges last month.
Massive inflows of $USDC to exchanges this year.
Loads of gunpowder waiting on the sidelines.
I'm ready. #Bitcoin
— Rafael Schultze-Kraft (@n3ocortex) January 30, 2021
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.
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.
The cryptocurrency climbed to an all-time high on January 8th and then faced a series of brutal corrections.