Insights
Stablecoin outflows into Bitcoin begin to repeat โ€“ behaviour change shifting Bitcoin towards $25k Stablecoin outflows into Bitcoin begin to repeat โ€“ behaviour change shifting Bitcoin towards $25k

Stablecoin outflows into Bitcoin begin to repeat โ€“ behaviour change shifting Bitcoin towards $25k

Roughly $3.8 billion worth of stablecoins have left exchanges in the past 30 days and some have flown into Bitcoin.

Definition

This chart measures the 30-day change in stablecoin buying power on exchanges. It considers the 30-day change in major stablecoin supplies on exchanges (USDT, USDC, BUSD, and DAI) and subtracts the USD-denominated 30-day change in BTCย  flows.

The barcode displayed at the bottom of the chart ๐ŸŸ  will signal when the 30-day USD volume of BTC (i.e., inflows are occurring).

Quick Take

  • Roughly $3.8 billion of stablecoins have left exchanges in the past 30 days, and some have flown into Bitcoin.
  • Since the FTX collapse in November 2022, almost $11 billion worth of stablecoins has left exchanges.
  • During the initial FTX collapse sell-off back, stablecoin outflows occurred, but no notion of converting into Bitcoin but fiat.
  • However, as the dust settled, stablecoin outflows started to go into Bitcoin from January 2023 โ€“ indicating a change of behavior in investors.
  • News filtering regarding BUSD and stablecoins could be a trigger to see new inflows into Bitcoin from stablecoins.
Exchange buying power net position change: (Source: Glassnode)
Exchange buying power net position change: (Source: Glassnode)
Balance on exchange: (Source: Glassnode)
Balance on exchange: (Source: Glassnode)