Stablecoin market caps are rising, hinting that traders believe Bitcoin price will soon follow.
Stablecoin data suggests that traders are preparing for Bitcoin (BTC) price to hit a new all-time high.
According to a report from KuCoin Research, the increase in stablecoin inflows is driven by the upcoming Bitcoin supply halving event, which will occur in seven days.
The report details how Tether (USDT) and USD Coin (USDC) issuance continues to increase, reflecting a further rise in enthusiasm for crypto assets from European and American investors. While Binance USD, True USD (TUSD) and PayPal USD (PYUSD) all saw declines in issuance, the two largest stablecoins by market capitalization have continued to flow into the market.
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Source: https://cointelegraph.com/news/bitcoin-price-preps-for-new-highs-according-to-increasing-stablecoin-issuance-data