Rotation of stablecoins into Bitcoin as it climbed to $30k

Quick Take

• Over the past week, Bitcoin’s notable rise to $30,000 has been subject to several influencing factors.
• Most notably, these include an uptick in derivatives trading, increased spot trading, and a significant number of coins being withdrawn from exchanges.
• CryptoSlate has identified a rotation of stablecoins into Bitcoin, which may be significant, given that the exchange balance for stablecoins has risen for the first time since January 2023.
• The balance of stablecoins across all exchanges has increased by an estimated $600 million in stablecoin value.
• However, it’s essential to highlight that this stablecoin to Bitcoin rotation doesn’t necessarily imply that fresh capital is being injected into the crypto ecosystem.

The post Rotation of stablecoins into Bitcoin as it climbed to $30k appeared first on CryptoSlate.

Credit: Source link