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Insights
URPD metric indicates a lack of liquidity for Bitcoin below $60,000 Holding Bitcoin has been unprofitable only on these days Glassnode and Coinbase report: Bitcoin maintains unique market path with low correlation to S&P 500 BITB, Bitwise’s BTC ETF, experiences first outflow since launch Grayscale witnessing a double halving as Bitcoin holdings fall to 310k
BUSD has seen 12 billion withdrawn from exchanges in 3 months, USDT, BTC have been net beneficiaries BUSD has seen 12 billion withdrawn from exchanges in 3 months, USDT, BTC have been net beneficiaries James Van Straten · 1 year ago
Insights Stablecoins

BUSD has seen 12 billion withdrawn from exchanges in 3 months, USDT, BTC have been net beneficiaries

BUSD has under 10 billion balance on exchanges — while USDT has a stablecoin dominance of 55%, in addition to inflows for Bitcoin.

James Van Straten / @jvs_btc / Feb. 27, 2023 at 11:48 am UTC

Quick Take

  • The outflows for BUSD continue, which sees a balance on exchanges of less than 10 billion.
  • The balance on exchange was as high as 22 billion on exchanges in November 2022 — a trend expected to continue.
  • USDT and Bitcoin have benefited the most from these outflows — as USDT dominates at 55%, the highest since November 2021.
  • While the Bitcoin stablecoin supply ratio suggests outflows of stablecoins have gone into Bitcoin — its highest ratio for over two years.
BUSD Balance on exchange: (Source: Glassnode)
BUSD Balance on exchange: (Source: Glassnode)

 

SSR: (Source: Glassnode)
SSR: (Source: Glassnode)
Supply Dominance: (Source: Glassnode)
Supply Dominance: (Source: Glassnode)
Analyst

James Van Straten

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.

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In this insight

Binance USD BUSD (24h)
$1.00096 +0.09%
Vol: $14.84M MCap: $70.58M

BUSD is a stablecoin issued by Paxos in partnership with Binance..

More about Binance USD

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