In the days leading up to the recent rise in bitcoin prices, stack coins have become unmanageable and have shown largely unparalleled behavior.
Stable currencies: all airline transactions with a stable currency and the number of addresses to all exchanges. Source: CryptoQuant.
On October 18, according to CryptoQuant, the stable coins entering the stock exchanges hit record highs of 60,000 and 56,000, respectively. I have tracked USDT port data on Ethereum, PAX, USDC, TUSD, DAI, SAI, BUSD, HUSD and USDK. Regarding the total flow of all stable currencies in dollars, no unusual trends were found.
Stable currency flows to stock exchanges. Source: CryptoQuant.
CryptoQuant CEO Ki Jung Joo told the Cointelegraph that while the inflow was not large in terms of dollar value, they still pointed to an upward trend among retail investors:
“A deposit from several retail investors usually means that market sentiment increases.”
Ju believes that the growth in market dynamics and the number of transactions indicate that the inflow of funds came from a large number of retail investors, and not from a few large players. Investors should send stack coins to exchanges when they plan to convert them to other cryptoassets, especially bitcoins. Tether minted $ 450 million on the Tron network (TRX) yesterday. The company’s CTO Paulo Arduino previously explained that the amount was approved, but not stated:
PSA: $ 300 million refill on TRON Network. Please note that this is an authorized but not completed transaction, which means that this amount will be used as a reserve for release requests in the next period. ”
Tether 2020 market value. Source: CoinMarketCap.
Tether’s market value quadrupled in 2020, starting at $ 4 billion and growing to $ 16 billion at the time of publication. Meanwhile, the bitcoin balance on major exchanges fell below 2.5 BTC for the first time in many years.