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Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines

Published 06/21/2021, 06:20 PM
Updated 06/21/2021, 08:00 PM
Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines

The growth of stablecoin's market cap and circulating supply has been one of the best indicators for attaining a general pulse on how participants in the market are feeling during bullish and bearish times.

Monitoring the Tether (USDT) treasury for large issuances was a common tactic used by analysts and traders to position themselves for a possible pump in the price of Bitcoin (BTC) and altcoins and previously this has been a good source of alpha for those willing to take a risk.

USDT circulating supply. Source: CryptoQuant
USDC circulating supply. Source: CryptoQuant
All stablecoin reserves on exchanges. Source: CryptoQuant
All stablecoins inflow transaction count to exchanges. Source: CryptoQuant
Cryptocurrency fear and greed index. Source: Alternative.me
All stablecoin issuance events. Source: CryptoQuant

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