Stablecoin rotation into Bitcoin helped fuel the leg up to $29K

Further rotation of stablecoins leaving exchanges and ending up into Bitcoin

James Van Straten
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James Van Straten
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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Quick Take

  • The recent Bitcoin pump to $29,000 was helped by the rotation of stablecoins into Bitcoin. 
  • According to the stablecoin supply ratio, the oscillator pumped this week to 1.9, going as low as 1.7, which shows the rotation that fuelled the leg up to $29,000.
  • Stablecoins on exchanges are approaching $20B, the same levels as April 2021.
  • The month of April saw almost $1.5 billion worth of stablecoins leaving exchanges, a much smaller amount than the previous month in March of almost $10 billion.
SSR: (Source: Glassnode)
SSR: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)
Exchange Balance: (Source: Glassnode)
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James Van Straten
James Van Straten
Former Lead Analyst 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.

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