On-chain data shows the USDC exchange reserves have started to trend downwards recently, a sign that buyers may be exchanging the coin for Bitcoin and other cryptos.
USDC Reserves On Exchanges Have Fallen Down Over The Past Few Days
Kaip pažymėjo CryptoQuant analitikas paštu, investors may have started to exchange their USD Coin for other cryptos like Bitcoin.
The “USDC mainų rezervas” is an indicator that measures the total amount of the stablokinas šiuo metu saugomi visų biržų piniginėse.
When the value of this indicator goes up, it means the supply of the cryptocurrency on exchanges is observing an increase.
Investors usually convert to stablecoins when they want to exit volatile markets like Bitcoin. So, an increase in the reserve shows holders may be leaving BTC.
On the other hand, a downtrend in the metric suggests investors have started to either convert it to other cryptos or withdraw it to personal wallets.
Such a trend suggests that investors may be finding the current Bitcoin prices favorable for re-entry into the market.
This fresh buying from the stablecoin holders can therefore act as dry powder for propelling up BTC and other coins.
Susiję skaitymai Bitcoin Spot Volume sparčiai auga, 7 dienų vidurkis viršija 10 mlrd
Now, here is a chart that shows the trend in the USDC exchange reserves over the span of 2022 so far:
The value of the indicator seems to have been falling recently | Source: „CryptoQuant“
As you can see in the above graph, the USDC reserve had been on the rise earlier this month as fear in the market rose up.
However, soon after the price of Bitcoin crashed down below $26k, the USD Coin reserve dropped off as investors exchanged their stablecoins to buy the dip.
This exchange of USDC to other cryptos seems to have continued even after BTC rebounded back above the $30k level again.
Susiję skaitymai Kriptografijos rinkos beprotybė skatina „Bitcoin On-Chain“ aktyvumą
If the downtrend in the reserve continues, it can serve as short-term support for the coin, and may even help push it to higher levels.
Bitcoin Kaina
Rašymo metu BTC kaina is trading around $29.5k, down 1% in the last seven days. Over the past month, the crypto has lost 25% in value.
Žemiau esančioje diagramoje parodyta monetos kainos tendencija per pastarąsias penkias dienas.
Panašu, kad pastarosiomis dienomis monetos kaina svyravo į šoną | Šaltinis: BTCUSD „TradingView“
Bitcoin has shown little activity in the past week as the crypto has been stuck in consolidation. Currently, it’s unclear when some real price action will be seen.
Teminis vaizdas iš Unsplash.com, diagramos iš TradingView.com, CryptoQuant.com
Source: https://bitcoinist.com/usdc-exchange-reserves-fall-dry-powder-bitcoin/