Singapore-based digital asset firm Matrixport has warned that the slowdown in fiat-to-crypto on-ramps, as indicated by stablecoin minting data, could keep Bitcoin in consolidation. The company noted a significant decline in conversion volume in the lead-up to the Christmas holidays, with the Federal Reserve's hawkish pivot likely impacting investor sentiment. Despite the end of the holiday period, stablecoin inflows have yet to rebound meaningfully. Markus Thielen, an independent analyst, stated that any increase in stablecoin minting is a positive sign but not enough to indicate a clear direction for BTC or other cryptocurrencies. The market is expected to remain in a holding pattern until significant movements in stablecoin inflows occur. Additionally, spot Bitcoin exchange-traded funds in the US have experienced three consecutive days of outflows as Bitcoin dropped below $90,000 and market sentiment turned risk-off.



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