On-chain data shows the USDC exchange reserves have started to trend downwards recently, a sign that buyers may be exchanging the coin for Bitcoin and other cryptos.
USDC Reserves On Exchanges Have Fallen Down Over The Past Few Days
Како што истакна аналитичар во CryptoQuant пост, investors may have started to exchange their USD Coin for other cryptos like Bitcoin.
The “USDC девизна резерва” is an indicator that measures the total amount of the стабилен моментално складирани во паричниците на сите менувачи.
When the value of this indicator goes up, it means the supply of the cryptocurrency on exchanges is observing an increase.
Investors usually convert to stablecoins when they want to exit volatile markets like Bitcoin. So, an increase in the reserve shows holders may be leaving BTC.
On the other hand, a downtrend in the metric suggests investors have started to either convert it to other cryptos or withdraw it to personal wallets.
Such a trend suggests that investors may be finding the current Bitcoin prices favorable for re-entry into the market.
This fresh buying from the stablecoin holders can therefore act as dry powder for propelling up BTC and other coins.
Поврзано читање | Волуменот на биткоинот се зголемува, просечниот 7-дневен врв достигнува 10 милијарди долари
Now, here is a chart that shows the trend in the USDC exchange reserves over the span of 2022 so far:
The value of the indicator seems to have been falling recently | Source: КриптоКвајт
As you can see in the above graph, the USDC reserve had been on the rise earlier this month as fear in the market rose up.
However, soon after the price of Bitcoin crashed down below $26k, the USD Coin reserve dropped off as investors exchanged their stablecoins to buy the dip.
This exchange of USDC to other cryptos seems to have continued even after BTC rebounded back above the $30k level again.
Поврзано читање | Лудилото на крипто-пазарот води до пораст на активноста на биткоин на синџирот
If the downtrend in the reserve continues, it can serve as short-term support for the coin, and may even help push it to higher levels.
Биткоин цена
Во времето на пишувањето, Цената на БТК is trading around $29.5k, down 1% in the last seven days. Over the past month, the crypto has lost 25% in value.
Табелата подолу го прикажува трендот на цената на монетата во последните пет дена.
Изгледа цената на монетата се движи настрана во последните неколку дена | Извор: BTCUSD на TradingView
Bitcoin has shown little activity in the past week as the crypto has been stuck in consolidation. Currently, it’s unclear when some real price action will be seen.
Избрана слика од Unsplash.com, графикони од TradingView.com, CryptoQuant.com
Source: https://bitcoinist.com/usdc-exchange-reserves-fall-dry-powder-bitcoin/