Market makers have been depositing stablecoins to exchanges, totaling around $100 million, which has increased liquidity in the market. This coincided with a decline in cryptocurrency prices, particularly Bitcoin (BTC), which dropped to the $60,000 range. The deposits suggest potential buying opportunities, as these market makers have the ability to influence the market. Wintermute, Flow Traders, Animoca Brands, and Carrot_BTC were among the largest depositors. These inflows come at a time when stablecoin volumes are slightly higher, with USDT and USDC being the most widely used assets. Additionally, the supply of stablecoins such as USDT and USDC has been increasing, with USDT adding a net 792 million tokens and USDC experiencing a net increase of $959.4 million over the past month. The inflows also coincide with profit-taking from BTC and the rapid activity of FDUSD printing. FDUSD, in particular, has rapidly expanded in supply and is highly active, potentially exerting a disproportionate effect on the market compared to other stablecoins. GHO by Aave is another stablecoin to watch, as its supply has increased by more than 18.3% in the past month.
- Content Editor ( cryptopolitan.com )
- 2024-10-10
Market makers sent $100M in stablecoins to exchanges