{"id":499277,"date":"2022-08-19T19:00:28","date_gmt":"2022-08-19T19:00:28","guid":{"rendered":"https:\/\/wncen.com\/?p=499277"},"modified":"2024-06-11T14:22:46","modified_gmt":"2024-06-11T14:22:46","slug":"usdc-exchange-reserve-spikes-push-bitcoin-up","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/usdc-exchange-reserve-spikes-push-bitcoin-up\/","title":{"rendered":"USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up?"},"content":{"rendered":"

On-chain data shows the USDC exchange reserves sharply rose recently, something that could help push Bitcoin back up after the latest drop.<\/p>\n

USDC Exchange Reserve Observes Sharp Rise In Recent Days<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, the large amount of USD Coin that flowed into exchanges recently could be deployed to act as fuel for Bitcoin.<\/p>\n

The “exchange reserve<\/a>” is an indicator that measures the total amount of USDC currently sitting in wallets of all centralized exchanges.<\/p>\n

Since stablecoins are tied to fiat (which in the case of USDC is USD), their value is as constant as the fiat currency itself. Because of this, investors often take shelter by shifting coins like Bitcoin into stablecoins during times when they want to avoid the volatility generally associated with much of the crypto market.<\/p>\n

Once these investors feel the prices are right to dive back into the volatile markets, they exchange their stables for whatever crypto they want to buy into.<\/p>\n

An especially large amount of buying from such holders can therefore help propel the prices of the major cryptos like Bitcoin.<\/p>\n

Related Reading: Not-So-Diamond-Hands: Bitcoin Long-Term Holders Have Shed 150k BTC Since LUNA Crash<\/a><\/em><\/strong><\/div>\n

Now, here is a chart that shows the trend in the USDC exchange reserve over the last few months:<\/p>\n

\"USDC<\/p>\n

The value of the metric seems to have jumped up in recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the USDC exchange reserve has usually made a top around when the BTC price has slid down in the last few months.<\/p>\n
Following this top, the reserve has started declining, while the value of Bitcoin has either moved sideways or observed a surge. This makes sense as a decreasing reserve of the stablecoin implies investors are now shifting into volatile coins.<\/p>\n
Most recently, the value of the reserve has seen a very sharp rise. The “inflow<\/a>” indicator (which measures the total amount of coins moving into exchanges) also shown in the chart registered a big spike at about the same time as this rise.<\/p>\n
Related Reading:  Why are Runfy, Bitcoin and Tron being considered the next cryptos to explode in 2022<\/a><\/em><\/strong><\/div>\n
This implies that most of the latest increase in the reserve has come from USDC that was sitting off exchanges since a while.<\/p>\n
All these stablecoins can act as potential dry powder for fueling some upwards momentum for Bitcoin after the coin’s price has plunged below $22k today.<\/p>\n
However, one thing to note is that only the USDC flowing into spot exchanges can influence the market like this. A large chunk of the latest inflows seem to have gone into derivatives instead, which, while also an indication of higher volatility for the market, doesn’t specifically mean the price will tend to go up. This volatility could make the price swing in either direction.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $21.4k, down 10% in the past week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the value of the crypto has gone down during the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the USDC exchange reserves sharply rose recently, something that could help push Bitcoin back up after the latest drop. USDC Exchange Reserve Observes Sharp Rise In Recent Days As pointed out by an analyst in a CryptoQuant post, the large amount of USD Coin that flowed into exchanges recently could be deployed to act as fuel for Bitcoin. The “exchange reserve” is an indicator that measures the total amount of USDC currently sitting in wallets of all centralized exchanges. Since stablecoins are tied to fiat (which in the case of USDC is USD), their value is as constant as the fiat currency itself. Because of this, investors often take shelter by shifting coins like Bitcoin into stablecoins during times when they want to avoid the volatility generally associated with much of the crypto market. Once these investors feel the prices are right to dive back into the volatile markets, they exchange their stables for whatever crypto they want to buy into. An especially large amount of buying from such holders can therefore help propel the prices of the major cryptos like Bitcoin. Related Reading: Not-So-Diamond-Hands: Bitcoin Long-Term Holders Have Shed 150k BTC Since LUNA Crash Now, here is a chart that shows the trend in the USDC exchange reserve over the last few months: The value of the metric seems to have jumped up in recent days | Source: CryptoQuant As you can see in the above graph, the USDC exchange reserve has usually made a top around when the BTC price has slid down in the last few months. Following this top, the reserve has started declining, while the value of Bitcoin has either moved sideways or observed a surge. This makes sense as a decreasing reserve of the stablecoin implies investors are now shifting into volatile coins. Most recently, the value of the reserve has seen a very sharp rise. The “inflow” indicator (which measures the total amount of coins moving into exchanges) also shown in the chart registered a big spike at about the same time as this rise. Related Reading: Why are Runfy, Bitcoin and Tron being considered the next cryptos to explode in 2022 This implies that most of the latest increase in the reserve has come from USDC that was sitting off exchanges since a while. All these stablecoins can act as potential dry powder for fueling some upwards momentum for Bitcoin after the coin’s price has plunged below $22k today. However, one thing to note is that only the USDC flowing into spot exchanges can influence the market like this. A large chunk of the latest inflows seem to have gone into derivatives instead, which, while also an indication of higher volatility for the market, doesn’t specifically mean the price will tend to go up. This volatility could make the price swing in either direction. Bitcoin Price At the time of writing, Bitcoin’s price floats around $21.4k, down 10% in the past week. Looks like the value of the crypto has gone down during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":499282,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,86457],"tags":[428,1119,1144,15241,16374,16680,86274,86628],"class_list":["post-499277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-stablecoin","tag-bitcoin","tag-btc","tag-btcusd","tag-stablecoins","tag-usd-coin","tag-usdc","tag-usdc-exchange-reserve","tag-usdc-stablecoin"],"acf":[],"yoast_head":"\nUSDC Exchange Reserve Spikes - Can This Help Push Bitcoin Back Up?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the USDC exchange reserves sharply rose recently, something that could help push Bitcoin back up after the latest drop. 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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":"USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up?","url":"http:\/\/wncen.com\/news\/usdc-exchange-reserve-spikes-push-bitcoin-up\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/usdc-exchange-reserve-spikes-push-bitcoin-up\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/kanchanara-OqEPgkdX3RA-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/08\/kanchanara-OqEPgkdX3RA-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Bitcoin","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","usd coin","usdc","usdc exchange reserve","usdc stablecoin"],"dateCreated":"2022-08-19T19:00:28Z","datePublished":"2022-08-19T19:00:28Z","dateModified":"2024-06-11T14:22:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/usdc-exchange-reserve-spikes-push-bitcoin-up\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/usdc-exchange-reserve-spikes-push-bitcoin-up\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/kanchanara-OqEPgkdX3RA-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/kanchanara-OqEPgkdX3RA-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Bitcoin\",\"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\",\"usd coin\",\"usdc\",\"usdc exchange reserve\",\"usdc stablecoin\"],\"dateCreated\":\"2022-08-19T19:00:28Z\",\"datePublished\":\"2022-08-19T19:00:28Z\",\"dateModified\":\"2024-06-11T14:22:46Z\"}<\/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\/2022\/08\/kanchanara-OqEPgkdX3RA-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/499277"}],"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=499277"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/499277\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/499282"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=499277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=499277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=499277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}