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Stablecoin Inflows Hit Record Lows: Is Bitcoin’s Downturn Far From Over?

Stablecoin Inflows Hit Record Lows: Is Bitcoin’s Downturn Far From Over?

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The world’s largest cryptocurrency by market capitalization has recently experienced a significant downturn, falling below the $59,000 price mark.

Despite this decline, which some might view as a potential buying opportunity, recent data suggests that investors are cautiously approaching the market.

Related Reading: Stablecoin Metrics Continue To Set ATHs: Dry Powder Accumulating For Bitcoin?

Low Stablecoin Inflows: A Signal Of Market Uncertainty?

According to a recent report from a CryptoQuant analyst under the pseudonym ‘Kriptolik,’ the inflow of stablecoins into exchanges is nearing all-time low levels, a trend that might indicate a lack of confidence among investors regarding the end of Bitcoin’s downturn.

Bitcoin exchange metric.
Bitcoin exchange metric. | Source: CryptoQuant

Stablecoins, typically pegged to fiat currencies like the US dollar, play a crucial role in the cryptocurrency market. They offer a safe haven for investors during periods of volatility and are often used to buy assets such as BTC when the market shows signs of recovery.

Kriptolik highlights a key indicator that market participants use to gauge investor sentiment: the number of stablecoins being sent to exchanges. The analyst explained:

Typically, after sharp declines in Bitcoin’s price, investors who see the market as undervalued would send large amounts of stablecoins to exchange crypto wallets, using these rapid purchases to drive up Bitcoin’s price.

However, according to the analyst, the current low levels of stablecoin inflows suggest that investors are not rushing to buy Bitcoin, even at its reduced price. Kriptolik noted:

We are still not seeing high levels of stablecoin inflows into the market. This data suggests that investors do not yet believe the downturn is over.

Bitcoin Current Market Performance

Despite ending the month of August in Red, Bitcoin appears to be still finding it hard to let go of the bears even in this new month. Notably, since the month began, BTC’s price hasn’t made any major recovery. Instead, the asset has continued to range in the $58,000 region.

Related Reading: Bitcoin Vs. AI — Who’s Draining The Power Grid Faster?

Although it has seen a 0.5% increase in the past day, BTC is still down by 8.5% in the past week, with a current trading price of $58,156, at the time of writing.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Prominent crypto analyst Mags has disclosed that the current consolidation seen in Bitcoin’s price action is similar to previous cycles where BTC’s price oscillated for months near its all-time high before continuing its bullish rally.

#Bitcoin – Bull run 2.0 Incoming.

The current monthly consolidation on BTC looks a lot like the previous cycle when the price surged all the way to its all-time high.

Back then, the price also consolidated near the ATH for months, with most people flipping bearish, before it… pic.twitter.com/b0olonVokl

— Mags (@thescalpingpro) September 1, 2024

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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