If you've read our insights for a while, you may know I like to pay attention to the relationship between the exchange inflow of major stablecoins and Bitcoin’s own market action.

Several times this year, Bitcoin’s price recovery seems to have coincided with a corresponding spike in the amount of top-cap stablecoins moving to known exchange wallets, signaling a potential surge in ‘buy the dip’ sentiment.

I reported on this phenomenon back in May following Bitcoin’s +10% pump, and once again earlier this month, on the back of BTC’s +16.9% week. In both cases, I noted that Bitcoin’s bounceback seems to occur ”when stablecoin whales and/or retail owners start offloading their stablecoin bags - and especially if there’s a corresponding spike in the inflow of stablecoins to exchanges“.

That’s why it’s at least worth noting that virtually all