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Insights
Bitcoin dominance rises to 60% as altcoins falter US Bitcoin ETFs face largest outflow since launch breaking 15-day streak Bitcoin pullback mirrors 2020 reversal 250 days post-halving, it then rose 140% Marathon and Hut 8 scoop up $1.6 billion worth of Bitcoin during market dip Solana surpasses rivals with record-breaking 66.9 million daily transactions
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.

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In this insight

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