Stablecoin Supply Reaches Highest Level Since May 2022, Indicating Continued Capital Inflow into Crypto Market
The combined supply of the top three stablecoins - USDT, USDC, and DAI - has reached a new high of $141.42 billion, indicating continued capital inflows into the crypto market. Despite Bitcoin's recent decline in momentum, the rising supply of stablecoins provides reassurance to Bitcoin bulls as it suggests a potential for dip demand. Stablecoins have become the primary mechanism for purchasing cryptocurrencies and trading derivatives, with traders increasingly preferring stablecoin-margined futures. Other indicators, such as Bitcoin's MVRV Z-score, suggest that the path of least resistance for Bitcoin's market value is on the higher side.
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