Stablecoin inflows to exchanges swell as investors prepare for volatility leading into the SEC’s decision on a spot Bitcoin ETF.
Data shows an uptick in stablecoin inflows amid renewed bullish action in the crypto market fueled by the expectation of a spot Bitcoin (BTC) exchange-traded fund (ETF) approval in the United States.
The trend of Tether (USDT) and USD Coin (USDC) flooding exchanges suggests that traders are possibly preparing to enter the market depending on their spot ETF expectations.
According to market data provider CryptoQuant, stablecoin holdings in known crypto exchange wallets rose from $18.05 billion on Jan. 1 to surpass $19.99 billion on Jan. 7.
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Source: https://cointelegraph.com/news/stablecoin-inflows-to-exchanges-spike-as-traders-prepare-for-spot-bitcoin-etf-decision