Bitcoin

Stablecoin rotation into Bitcoin helped fuel the leg up to $29K

04/29/2023
Bitcoin Ethereum News

Quick Take

  • The recent Bitcoin pump to $29,000 was helped by the rotation of stablecoins into Bitcoin. 
  • According to the stablecoin supply ratio, the oscillator pumped this week to 1.9, going as low as 1.7, which shows the rotation that fuelled the leg up to $29,000.
  • Stablecoins on exchanges are approaching $20B, the same levels as April 2021.
  • The month of April saw almost $1.5 billion worth of stablecoins leaving exchanges, a much smaller amount than the previous month in March of almost $10 billion.
SSR: (Source: Glassnode)
SSR: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)

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Source: https://cryptoslate.com/insights/stablecoin-rotation-into-bitcoin-helped-fuel-the-leg-up-to-29k/