{"id":512649,"date":"2022-12-16T15:18:59","date_gmt":"2022-12-16T20:18:59","guid":{"rendered":"https:\/\/wncen.com\/?p=512649"},"modified":"2024-06-11T12:09:22","modified_gmt":"2024-06-11T12:09:22","slug":"stablecoins-fuel-christmas-bitcoin-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/stablecoins-fuel-christmas-bitcoin-rally\/","title":{"rendered":"Stablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally?"},"content":{"rendered":"

On-chain data shows the number of stablecoin transactions going into spot exchanges have risen recently, something that could help fuel a Christmas Bitcoin rally.<\/p>\n

Stablecoin Deposits To Spot Exchanges Have Shown Increasing Demand Recently<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, there has been an increasing demand on spot exchanges recently. The relevant indicator here is the “stablecoin exchange depositing transactions,” which measures the total number of transfers involving these fiat-tied tokens that are heading towards exchanges.<\/p>\n

Investors usually use stablecoins<\/a> whenever they want to escape the volatility associated with coins like Bitcoin. Once the holders feel the prices are right to re-enter into these volatile markets, they transfer their accumulated stables to exchanges for swapping them into their desired cryptocurrency. So, a large amount of these tokens entering into exchanges can act as buying pressure for other markets, and thus provide a bullish effect to the prices of Bitcoin and other assets.<\/p>\n

Unlike the normal inflow<\/a> metric, which simply measures the total amount flowing into exchanges, this indicator paints an idea about the actual demand in the market since it counts individual transfers, which can’t be inflated by a few large investors as their transaction count will be much lesser than their inflow values.<\/p>\n

Related Reading: Ethereum Active Addresses At Highest Since May 2021, Good News For ETH?<\/a><\/div>\n

Now, here is a chart that shows the trend in this metric, as well as the opposite one that keeps track of withdrawal transactions:<\/p>\n

\"Stablecoin<\/p>\n

The value of the metric seems to have increased in recent days | Source: CryptoQuant<\/a><\/pre>\n
As the above graph shows, the stablecoin exchange depositing transactions metric has observed some growth recently, and at the same time, the withdrawing transactions have gone down instead. This means that there is demand to buy with stables right now, while there isn’t much interest in exiting from volatile markets using these fiat-tied tokens.<\/p>\n
Related Reading:  Why This Bitcoin Bearish Divergence Could Spell Doom For BTC Rally<\/a><\/div>\n
Such a situation has proved to be bullish for the price of Bitcoin in the last few months, as the previous instances of this trend in the chart display. “With the number of stablecoin deposits up-trending & the number of stablecoin withdraws down-trending, the capitulation events could be reaching an end,” notes the quant.<\/p>\n
The analyst believes these inflows can fuel a new rally, saying “such pick up in retail investor sentiment could potentially lead to a Christmas rally.” It now remains to be seen whether these stablecoin inflows will turn out to be constructive for the price this time or not.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has observed a decline in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
At the time of writing, Bitcoin’s price<\/a> is floating around $16,900, down 1% in the last week.<\/p>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the number of stablecoin transactions going into spot exchanges have risen recently, something that could help fuel a Christmas Bitcoin rally. Stablecoin Deposits To Spot Exchanges Have Shown Increasing Demand Recently As pointed out by an analyst in a CryptoQuant post, there has been an increasing demand on spot exchanges recently. The relevant indicator here is the “stablecoin exchange depositing transactions,” which measures the total number of transfers involving these fiat-tied tokens that are heading towards exchanges. Investors usually use stablecoins whenever they want to escape the volatility associated with coins like Bitcoin. Once the holders feel the prices are right to re-enter into these volatile markets, they transfer their accumulated stables to exchanges for swapping them into their desired cryptocurrency. So, a large amount of these tokens entering into exchanges can act as buying pressure for other markets, and thus provide a bullish effect to the prices of Bitcoin and other assets. Unlike the normal inflow metric, which simply measures the total amount flowing into exchanges, this indicator paints an idea about the actual demand in the market since it counts individual transfers, which can’t be inflated by a few large investors as their transaction count will be much lesser than their inflow values. Related Reading: Ethereum Active Addresses At Highest Since May 2021, Good News For ETH? Now, here is a chart that shows the trend in this metric, as well as the opposite one that keeps track of withdrawal transactions: The value of the metric seems to have increased in recent days | Source: CryptoQuant As the above graph shows, the stablecoin exchange depositing transactions metric has observed some growth recently, and at the same time, the withdrawing transactions have gone down instead. This means that there is demand to buy with stables right now, while there isn’t much interest in exiting from volatile markets using these fiat-tied tokens. Related Reading: Why This Bitcoin Bearish Divergence Could Spell Doom For BTC Rally Such a situation has proved to be bullish for the price of Bitcoin in the last few months, as the previous instances of this trend in the chart display. “With the number of stablecoin deposits up-trending & the number of stablecoin withdraws down-trending, the capitulation events could be reaching an end,” notes the quant. The analyst believes these inflows can fuel a new rally, saying “such pick up in retail investor sentiment could potentially lead to a Christmas rally.” It now remains to be seen whether these stablecoin inflows will turn out to be constructive for the price this time or not. Looks like BTC has observed a decline in the last few days | Source: BTCUSD on TradingView At the time of writing, Bitcoin’s price is floating around $16,900, down 1% in the last week.<\/p>\n","protected":false},"author":542,"featured_media":512702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87429,87430,6481,1119,1144,11164,87687,87688],"class_list":["post-512649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-christmas","tag-bitcoin-christmas-rally","tag-bitcoin-rally","tag-btc","tag-btcusd","tag-stablecoin","tag-stablecoin-inflows","tag-stablecoin-outflows"],"acf":[],"yoast_head":"\nStablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the number 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Stablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally?","url":"http:\/\/wncen.com\/news\/stablecoins-fuel-christmas-bitcoin-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/stablecoins-fuel-christmas-bitcoin-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin christmas","bitcoin christmas rally","bitcoin rally","btc","btcusd","stablecoin","stablecoin inflows","stablecoin outflows"],"dateCreated":"2022-12-16T20:18:59Z","datePublished":"2022-12-16T20:18:59Z","dateModified":"2024-06-11T12:09:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Stablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/stablecoins-fuel-christmas-bitcoin-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/stablecoins-fuel-christmas-bitcoin-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin christmas\",\"bitcoin christmas rally\",\"bitcoin rally\",\"btc\",\"btcusd\",\"stablecoin\",\"stablecoin inflows\",\"stablecoin outflows\"],\"dateCreated\":\"2022-12-16T20:18:59Z\",\"datePublished\":\"2022-12-16T20:18:59Z\",\"dateModified\":\"2024-06-11T12:09:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/kanchanara-Lta5b8mPytw-unsplash-1-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/512649"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=512649"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/512649\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/512702"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=512649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=512649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=512649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}