Stablecoin inflows double to $98 billion amid selling pressure – Report


As crypto sales intensify, stablecoin inflows to exchanges have doubled from previous levels to $98 billion, noted CryptoQuant analyst Dirkforst.

Stablecoin inflow growth exceeded the 90-day average of $89 billion.

“This suggests that capital deployment has accelerated in recent weeks, and the market clearly needs it,” the analyst said in a blog post. “Nevertheless, selling pressure remains too strong to be fully absorbed.”

The cryptocurrency market is currently undergoing a delicate phase characterized by structural illiquidity amidst still high levels of uncertainty. Bitcoin plunged more than 10% toward $64,000 on Friday, inching closer to a 50% correction from its all-time high in October.

Some participants have already purchased this dip

Analyst Dirkforst said the increase in stablecoin inflows is a “positive signal” as it shows increased interest from investors looking to gain exposure to the market. Moreover, this shows that capital is starting to return to the digital asset space.

“This dynamic still needs to strengthen, but some participants have already started buying this dip.”

According to Messari, selected mid-cap stablecoins in particular continued to grow their share, such as USDS and USD1, but stablecoin market capitalization decreased by 1.0% to $305.1 billion due to continued supply contraction of USDT and USDC.

Tether (USDT), the largest stablecoin by market capitalization, rose to $0.99 in 24 hours, with volume increasing 60% to $257.45 billion.

The post Stablecoin inflows double to $98 billion amid selling pressure – Report appeared first on Cryptonews.





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