2023-3-6 09:00 |
Centralized crypto exchanges appear to be seeing increased inflows of stablecoins. This could be a sign that buying pressure is about to increase.
On March 6, analytics firm CryptoQuant reported increased stablecoin exchange inflows.
Furthermore, the firm reported the “highest level of this year” as stablecoin balances on crypto exchanges surged on March 5.
The analysis noted that Bitcoin prices were declining in the short term but added, “the potential purchasing power of the market is increasing.”
Stablecoin inflows are usually a sign that investors could be preparing buy orders at current or lower levels.
Stablecoin Exchange Netflow Chart Data By CryptoQuant / Jaybot Ethereum Dominates Stablecoin ShareHowever, the data conflicts with recent findings by Glassnode. It noted that the average number of USDC receiving addresses just reached a one-month low of 1,544 per hour.
Nevertheless, USDT mean transaction volume has just reached a monthly high.
USDT: Transfer Volume, BTC Price Chart by GlassnodeGlassnode added that the average number of exchange BTC deposits is also at a monthly low. This reinforces the notion that holding and accumulating appear to be preferable to selling at the moment.
Also on March 6, CoinGecko reported that Ethereum remained dominant for stablecoin market share.
Ethereum is the market leader for stablecoins by a big margin, with 60% of the total share. TRON is the second largest network for stable asset supply with a 27% share following a 5.9% increase. Binance’s BNB Chain is in third with a 7% market share.
Stablecoin Market Share Chart by CoinGecko Stablecoin Ecosystem OutlookStablecoins currently account for around 12.7% of the entire crypto market. The total capitalization of all of them combined is around $136 billion, according to CoinGecko.
Market leader, Tether, has a share of around 52% with $70 billion in circulation. Furthermore, Tether’s supply has increased by 7.8% since the beginning of this year as an additional $5 billion USDT has been minted.
Circle’s USD Coin has just under $44 billion in circulating supply, giving it a market share of 32%. Circle started minting again in mid-February, adding around $3 billion USDC since then.
The supply gains have been at the expense of Binance and BUSD. Since the SEC took action against BUSD issuer Paxos, its circulating supply has slumped by 46%. There is now $8.7 billion in BUSD circulating giving it a market share of 6.4%.
The post Crypto Exchange Stablecoin Inflows Pump, Are Buyers Building Up? appeared first on BeInCrypto.
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