CryptoQuant records a record inflow of stablecoins to exchanges in 2023
The research firm’s analyst considers the growth of the figure a sign of a bull market
07.03.2023 - 16:25
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What’s new? An expert at research firm CryptoQuant under the nickname crypto JAYBOT believes that bullish sentiment has prevailed in the market. He came to that conclusion based on data showing a large-scale inflow of stablecoins to exchanges, which reached its highest level since November 18, 2022. Thus, on March 5, the figure approached $1,7 billion.
Publication on the CryptoQuant website
What else did the analyst report? In a short period of time, the price of bitcoin has fallen, while the potential buying power of the market has increased. “I think it’s bullish,” the analyst added, attaching a poll of other users’ opinions to the publication. At the time of publication, 75% (30 votes) agreed with JAYBOT, while 25% (10 votes) thought the analyst’s conclusions were wrong.
CryptoQuant said in February that cryptocurrencies would return to a bear market if the circulating supply of stablecoins does not grow further. The analyst called stablecoins the liquidity of the digital currency market and cited the consequences of the COVID-19 pandemic. Thus, in 2020, the growth in the supply of stablecoins led to a bull market, with a bearish cycle beginning in February 2022, when the figure began to decline.
CryptoQuant previously reported that in late 2022-early 2023, the market recorded a record outflow of bitcoins from centralized exchanges (CEXs) for the entire existence of the first cryptocurrency.
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