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According to CryptoQuant CEO Ki Young Ju, the flow of USDC, which is owned by the TradFi institution, to exchanges could trigger the next Bitcoin parabolic bull market.
Ki Young Ju, CEO of CryptoQuant, has pointed out a new indicator to watch for as it signals the next Bitcoin (BTC) parabolic bull market.and Tweetanalysts said a massive influx of the dollar-pegged stablecoin USD Coin (USDC) into exchanges could set off a bull market.
According to the data Ju pointed out, 94% of USDC’s circulating supply is currently outside the exchange. Most of this supply is owned by traditional financial institutions such as BlackRock, Fidelity and Goldman Sachs.
When clients of these institutions order USDC deployments, off-exchange tokens are likely to be deployed in the market, triggering a bullish rally, Ju explained.
In a follow-up tweet, he also highlighted the continued influx of “crypto-native stablecoins” like BUSD and USDT into exchanges, as opposed to USDC favored by institutional investors.
For now, crypto-native stablecoins are pouring into exchanges.
for $BUSD70% of the supply is on exchanges. $USDT 25%.$BUSD Exchange reserves have increased despite the bear market, which could indicate that crypto natives are accumulating some coins.https://t.co/1VUmUUunOo pic.twitter.com/pyEcH0kwwg
Ki Young Ju (@ki_young_ju) October 7, 2022
Binance USD (BUSD) has increased significantly on the exchange, accounting for 70% of the exchange’s supply despite the bear market. This could indicate that crypto natives are accumulating some coins. Tether (USDT), on the other hand, holds 25% of the supply on the exchange.
recent president I got it Investors accumulating and waiting for the market to fall shows the fact that old Bitcoin currently accounts for 74% of the realized market cap.
Bitcoin hashrate, on the other hand, is another on-chain indicator of strong investor confidence. The Bitcoin hash rate a measure of the amount of computing power dedicated to securing the network has risen over 90% in the last 12 months. data From the Y chart.
