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Stablecoin data points to ‘healthy appetite’ from bulls and possible Bitcoin rally to $25K

Published 01/23/2023, 05:04 PM
Updated 01/23/2023, 06:40 PM

Bitcoin (BTC) rallied 11% between Jan. 20 and Jan. 21, reaching the $23,000 level and shattering bears' expectations for a pullback to $20,000. Even more notable is the move brought demand from Asia-based retail investors, according to data from a key stablecoin premium indicator.

Traders should note that the tech-heavy Nasdaq 100 index also gained 5.1% between Jan. 20 and Jan. 23, fueled by investors' hope in China reopening for business after its COVID-19 lockdowns and weaker-than-expected economic data in the U.S. and the Eurozone.

USDC peer-to-peer vs. USD/CNY. Source: OKX
Exchanges' top traders Bitcoin long-to-short ratio. Source: Coinglass

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