Ad
CryptoSlate on X
Follow us on X for instant crypto news and insights updates.
Follow @cryptoslate
 Ad
Insights
Bitcoin ETFs bring in over $6 billion in November after another $1 billion day Solana hits new $264 all-time high as DEX volume reaches $100 billion monthly milestone US Bitcoin ETFs surpass $100 billion, pose challenge to largest Bitcoin holders Bitcoin surges to $97k as market leverage hits historic $63 billion Memecoin revival drives Solana DEX Raydium past Tether in fees
Stablecoins being converted into Bitcoin helped push BTC price over $30k Stablecoins being converted into Bitcoin helped push BTC price over $30k James Van Straten · 2 years ago
Insights BitcoinStablecoins

Stablecoins being converted into Bitcoin helped push BTC price over $30k

Data via Glassnode

Bitcoin climbed above 30K thanks to surge in stablecoin conversions

James Van Straten / @jvs_btc / Apr. 15, 2023 at 2:30 pm UTC

Quick Take

  • Bitcoins’ resurgence this year has been down to many factors, but one of the main ones is that stablecoins are being rotated into Bitcoin.
  • CryptoSlate has analyzed the depletion of stablecoins on exchanges that ended up being converted into BTC.
  • The past few days have seen this resurgence start again, as highlighted by the sharp increase in the stablecoin supply ratio that coincided with the Bitcoin price above $30,000.
Stablecoins: (Source: Glassnode)
Stablecoins: (Source: Glassnode)
Stablecoins: (Source: Glassnode)
Stablecoins: (Source: Glassnode)
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.

Latest Insights
Bitcoin ETFs bring in over $6 billion in November after another $1 billion day

Bitcoin ETFs bring in over $6 billion in November after another $1 billion day

Data via Glassnode 2 days ago
Solana hits new $264 all-time high as DEX volume reaches $100 billion monthly milestone

Solana hits new $264 all-time high as DEX volume reaches $100 billion monthly milestone

2 days ago
US Bitcoin ETFs surpass $100 billion, pose challenge to largest Bitcoin holders

US Bitcoin ETFs surpass $100 billion, pose challenge to largest Bitcoin holders

2 days ago
Latest Alpha Market Report
Polymarket: A revolution in prediction markets
Available exclusively via

Polymarket: A revolution in prediction markets

Andjela Radmilac · 1 day ago

CryptoSlate's latest report dives deep into Polymarket's evolution, its pivotal role in high-stakes prediction events like US elections, and the implications of its controversies on its market position.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

In this insight

Bitcoin BTC (24h)
$98,473.41 -0.36%
Vol: $43.26B MCap: $1.95T

Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.

More about Bitcoin

Featured Data Partner

Make better trading decisions with Glassnode

Most Viewed

 Ad
CryptoSlate on X x.com/cryptoslate
Join our X community for real-time crypto news and expert insights.
Follow @cryptoslate
 Ad