The leading stablecoins, Tether (USDT) and USD Coin (USDC), are experiencing increased inflows into centralized exchanges, indicating a potential buying spree. Tether saw its exchange net flows rise from a net outflow of $43 million on Nov. 2 to a net inflow of $218 million on Nov. 4, while USD Coin's net flows shifted from a net outflow of $18.5 million to a net inflow of $33.6 million. The total amount of stablecoins entering crypto exchanges surpassed $250 million. Stablecoin inflows usually indicate investor enthusiasm to accumulate Bitcoin and altcoins, and the global crypto market capitalization has already started rising. Daily whale transactions of at least 100,000 USDT and USDC also increased significantly. This increased activity may create FOMO among market participants and suggest a potential recovery after the market-wide correction. The stablecoin market cap slightly declined over the past month, possibly due to BTC exchange-traded fund outflows. Spot Bitcoin ETFs in the U.S. recorded their second-largest outflow worth $541.1 million after a net inflow of over $5 billion the previous month.
- Content Editor ( crypto.news )
- 2024-11-05
USDT, USDC exchange inflows surge, hinting potential buying zone