Why's Bitcoin up 10%? Stablecoins.

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Ibis
Apr 24, 2020
April 22nd was one of the biggest single-day inflows of USDC to exchanges (Source: Sanbase)


Takeaways:


  • On-chain metrics for top stablecoins (USDT, USDC, TUSD and BUSD) indicate a strong paradigm shift taking place over the last 3 days, correlating squarely with Bitcoin's 10.07% pump
  • Assets covered: Bitcoin, USDT, USDC, TUSD, BUSD
  • Metrics used: top holders, holder distribution, exchange inflow, token age consumed, daily deposits, market cap


Ever since ‘Black Thursday’, the on-chain activity and holder behavior of crypto’s top stablecoins all pointed to the same thing - people have been FUDing into low-volatility assets en masse, with most of them looking highly reluctant to buy back into the market despite the ongoing recovery.


Now, that picture may finally be changing.


Over the last 72 hours, we’re witnessing a strong paradigm shift develop on the charts of most of the top-cap

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Assets from this insight

Bitcoin logo

BitcoinBTC

$ 11657.05

3.89%in last 7d
Tether logo

TetherUSDT

$ 1.00

0.04%in last 7d
USD//Coin logo

USD//CoinUSDC

$ 1.00

0.33%in last 7d
TrueUSD logo

TrueUSDTUSD

$ 1.00

0.04%in last 7d
Binance USD logo

Binance USDBUSD

$ 0.999789

0.17%in last 7d
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