Insights

Stablecoin rotation into Bitcoin helped fuel the leg up to $29K

exchange68September 13, 2024

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Quick Take

The recent Bitcoin pump to $29,000 was helped by the rotation of stablecoins into Bitcoin.
According to the stablecoin supply ratio, the oscillator pumped this week to 1.9, going as low as 1.7, which shows the rotation that fuelled the leg up to $29,000.
Stablecoins on exchanges are approaching $20B, the same levels as April 2021.
The month of April saw almost $1.5 billion worth of stablecoins leaving exchanges, a much smaller amount than the previous month in March of almost $10 billion.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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