CandleFocus Massive Stablecoin Inflows to Binance and Coinbase Hint at Bullish Market Rally After Trump Victory
2024-11-09
Author: Content Editor
After Donald Trump won the U.S. presidential election, leading cryptocurrency exchanges Binance and Coinbase saw $9.3 billion worth of stablecoin inflows on the Ethereum network. Analysis from CryptoQuant showed that $4.3 billion flowed to Binance and $3.4 billion moved to Coinbase. Historically, large-scale stablecoin inflows have coincided with bullish market rallies. Additionally, Bitcoin exchange-traded funds (ETFs) saw record daily inflows of $1.38 billion, with BlackRock's iShares Bitcoin Trust accounting for 81% of the total. These inflows occurred as Bitcoin reached a new all-time high, boosted by Trump's victory and his pro-crypto stance.
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