{"id":474555,"date":"2021-10-25T19:00:56","date_gmt":"2021-10-25T19:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=474555"},"modified":"2024-06-11T13:59:46","modified_gmt":"2024-06-11T13:59:46","slug":"chain-data-stablecoins-supply-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chain-data-stablecoins-supply-bitcoin\/","title":{"rendered":"On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin"},"content":{"rendered":"

On-chain data shows a recent rise in the number of stablecoin addresses sending to exchanges, suggesting an increase in dry powder supply pumping into Bitcoin.<\/p>\n

Stablecoins Exchange Inflow Addresses Count Recently Surges<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, the number of stablecoin addresses making inflow transactions to exchanges saw a sharp rise yesterday.<\/p>\n

Stablecoins<\/a> are tokens that have their values tied to a fiat currency. Since they are relatively stable (as their name suggests), investors like to use them for temporarily pulling out of volatile markets like Bitcoin.<\/p>\n

The “all stablecoins: all exchanges inflow addresses count” is an indicator that shows the total number of these fiat token addresses that are sending their coins to exchange wallets.<\/p>\n

A spike in the metric’s value means there is an increase in the supply of stablecoins for transferring to other cryptos. This could suggest investors believe now may be a lucrative entrance into volatile markets, and so they are converting their fiat-tied coins to BTC and other cryptocurrencies. They may also be looking to withdraw the coins into fiat.<\/p>\n

Related Reading |\u00a0Bitcoin Bullish Signal: Whales Are Building Their Positions On Derivatives<\/a><\/strong><\/em><\/p>\n

Now, here is a chart that shows the trend in the indicator’s value over the last week:<\/p>\n

\"Stablecoins<\/p>\n

The stablecoins inflow addresses count showed a huge spike yesterday | Source: CryptoQuant<\/a><\/pre>\n
As the above graph shows, the indicator showed a very large value yesterday, implying that a lot of investors sent their coins to exchanges at that time.<\/p>\n
The reason behind the trend could be the recent correction<\/a> that Bitcoin suffered after making its new ATH. Investors may be bullish on the future price of the coin and find that this dip is a good buying opportunity.<\/p>\n
One that thing should be noted is that not the entire stablecoins supply moving into exchanges will be pouring into Bitcoin. A percentage of them will go into altcoins and another will be withdrawn into fiat or kept on exchanges.<\/p>\n
Related Reading |\u00a0Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey<\/a><\/strong><\/em><\/p>\n
Nonetheless, a surge in the total supply is still a good sign for BTC and may help the coin bounce back from the correction. Sustained such inflows can prove to be bullish and take the crypto to higher all-time highs (ATHs).<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, BTC’s price<\/a> floats around $63k, up 4% in the last seven days. Over the past month, the crypto has gained 48% in value.<\/p>\n
The below chart shows the trend in the price of the coin over the last five days:<\/p>\n
\"Bitcoin<\/p>\n
BTC's price observes a correction in the last few days, but now looks to be making a come back | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows a recent rise in the number of stablecoin addresses sending to exchanges, suggesting an increase in dry powder supply pumping into Bitcoin. Stablecoins Exchange Inflow Addresses Count Recently Surges As pointed out by a CryptoQuant post, the number of stablecoin addresses making inflow transactions to exchanges saw a sharp rise yesterday. Stablecoins are tokens that have their values tied to a fiat currency. Since they are relatively stable (as their name suggests), investors like to use them for temporarily pulling out of volatile markets like Bitcoin. The “all stablecoins: all exchanges inflow addresses count” is an indicator that shows the total number of these fiat token addresses that are sending their coins to exchange wallets. A spike in the metric’s value means there is an increase in the supply of stablecoins for transferring to other cryptos. This could suggest investors believe now may be a lucrative entrance into volatile markets, and so they are converting their fiat-tied coins to BTC and other cryptocurrencies. They may also be looking to withdraw the coins into fiat. Related Reading |\u00a0Bitcoin Bullish Signal: Whales Are Building Their Positions On Derivatives Now, here is a chart that shows the trend in the indicator’s value over the last week: The stablecoins inflow addresses count showed a huge spike yesterday | Source: CryptoQuant As the above graph shows, the indicator showed a very large value yesterday, implying that a lot of investors sent their coins to exchanges at that time. The reason behind the trend could be the recent correction that Bitcoin suffered after making its new ATH. Investors may be bullish on the future price of the coin and find that this dip is a good buying opportunity. One that thing should be noted is that not the entire stablecoins supply moving into exchanges will be pouring into Bitcoin. A percentage of them will go into altcoins and another will be withdrawn into fiat or kept on exchanges. Related Reading |\u00a0Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey Nonetheless, a surge in the total supply is still a good sign for BTC and may help the coin bounce back from the correction. Sustained such inflows can prove to be bullish and take the crypto to higher all-time highs (ATHs). Bitcoin Price At the time of writing, BTC’s price floats around $63k, up 4% in the last seven days. Over the past month, the crypto has gained 48% in value. The below chart shows the trend in the price of the coin over the last five days: BTC’s price observes a correction in the last few days, but now looks to be making a come back | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":474578,"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":[428,1119,1144,15241],"class_list":["post-474555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-stablecoins"],"acf":[],"yoast_head":"\nOn-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin<\/title>\n<meta name=\"description\" content=\"On-chain data shows a recent rise in the number of stablecoin addresses sending to 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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":"On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin","url":"http:\/\/wncen.com\/news\/chain-data-stablecoins-supply-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/chain-data-stablecoins-supply-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/aleksi-raisa-M4DMyeU9Etc-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/aleksi-raisa-M4DMyeU9Etc-unsplash-scaled.jpg?fit=2560%2C1611"},"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","btc","btcusd","stablecoins"],"dateCreated":"2021-10-25T19:00:56Z","datePublished":"2021-10-25T19:00:56Z","dateModified":"2024-06-11T13:59:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"On-Chain Data Shows Surge In Stablecoins Supply Pouring Into Bitcoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/chain-data-stablecoins-supply-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/chain-data-stablecoins-supply-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/aleksi-raisa-M4DMyeU9Etc-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/aleksi-raisa-M4DMyeU9Etc-unsplash-scaled.jpg?fit=2560%2C1611\"},\"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\",\"btc\",\"btcusd\",\"stablecoins\"],\"dateCreated\":\"2021-10-25T19:00:56Z\",\"datePublished\":\"2021-10-25T19:00:56Z\",\"dateModified\":\"2024-06-11T13:59:46Z\"}<\/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\/2021\/10\/aleksi-raisa-M4DMyeU9Etc-unsplash-scaled.jpg?fit=2560%2C1611","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/474555"}],"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=474555"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/474555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/474578"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=474555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=474555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=474555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}