New all-time inflow of stablecoins to crypto exchanges has been recorded

According to an analyst at CryptoQuant, this is a good sign for the BTC rate in the long term

03.11.2022 - 10:00

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What’s new? In October, an all-time high influx of stablecoins to centralized exchanges (CEX) was recorded, reported the analyst at research firm CryptoQuant under the nickname Woominkyu. He considers this a good sign for the price of BTC in the long term. In this, according to the expert, in the short term, the influx of stablecoins to spot trading platforms will increase volatility, which will negatively affect the rate of the first cryptocurrency.

CryptoQuant’s data

What else did the analyst report? Woominkyu believes that the bitcoin rate will not fall below the $17 500 mark. However, at the moment, opening both long and short positions in BTC can be risky, the expert noted.

As of November 3, 09:45 UTC, bitcoin is trading at $20 302, down by 0,87%, according to Binance.

Earlier, crypto analyst Nicholas Merten said that macroeconomic factors are likely to drive down the price of digital assets, and called indicators pointing to the continuation of the bear market.

In August, an unknown address transferred 2,37 billion Tether (USDT) stablecoins to Binance, which became a record one-time transfer of the asset to the platform. In October, FTX, one of the largest CEXs by trading volume, began developing its own stablecoin.

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