Stablecoin flows to exchanges highlight traders’ belief that the crypto market is ready to rally higher.
On March 8, Bitcoin (BTC) price hit a new all-time high at $70,083, and even though the price corrected sharply after hitting a new high, stablecoin data suggests that traders are preparing for higher prices.
There is an uptick in stablecoin inflows with renewed price action in the crypto market, driven by spot Bitcoin (BTC) exchange-traded funds in the United States.
The balances of tether (USDT) and USD Coin (USDC) deposited into crypto exchanges have increased by 6.5% in March, suggesting that traders are preparing to buy more crypto as they expect Bitcoin to resume its uptrend.
