bookmark_borderBitcoin exchanges just saw massive Tether stablecoin deposits

Is a broader rally forming for Bitcoin as sidelined capital makes its way onto exchanges?

Nearly half a billion in Tether (USDT) inflows were recorded on April 8 across major Bitcoin (BTC) exchanges, based on Glassnode data.

Considering that the inflows, the biggest since mid-March, coincided with a minor Bitcoin pullback, it indicates that buyers could be waiting to step in following BTC’s price drop.

Stablecoin deposits into exchanges. Source: Glassnode

Is a broader Bitcoin rally brewing?

There are two major on-chain metrics that often signal a bigger Bitcoin rally is forming: BTC outflows and stablecoin inflows.

Stablecoin inflows occur when traders deposit their sidelined funds to exchanges to buy back into cryptocurrencies.

Meanwhile, large BTC outflows typically happen when high-net-worth investors withdraw their Bitcoin from exchanges to self-hosted wallets, which often suggests their intention to hold for the long term. 

In one hour, more than $476 million worth of stablecoin deposits were spotted on exchanges. According to Lex Moskovski, chief investment officer of Moskovski Capital, this demonstrates that there is no shortage of capital waiting to buy Bitcoin dips.

Moskovski said:

“$476M USDT deposited to exchanges in an hour yesterday to buy the dip. Every time we dip, there is no shortage of the cash on sidelines, it seems.”

Stablecoins are seeing massive growth

On April 2, Bitfinex chief technology officer Paolo Ardoino shared that the market capitalization of Tether, the largest stablecoin in the global market, had reached $42 billion.

. @Tether_to $USDt 42B

— Paolo Ardoino (@paoloardoino) April 2, 2021

In the following six days, the market cap of USDT added another $2 billion, showing strong momentum.

Since Tether is essentially digital dollars that can be easily converted into Bitcoin and other cryptocurrencies, this uptrend suggests that the amount of sidelined capital in the crypto market is growing.

Theoretically, when there is a lot of sidelined cash in the market, it represents significant firepower to drive a new rally of major cryptocurrencies like Bitcoin.

When asked whether large USDT deposits could also mean that there’s a demand to cash out instead, Moskovski countered by saying that USDT deposited to exchanges typically represents an intention to buy. 

He explained:

“Stable coins deposited on exchanges is for buying, mostly. Some part of it may be used for lending to leveraged traders. […] Besides, it’s bullish too as it highlights the demand for longs.”

Meanwhile, data from CryptoQuant depicts a similar trend. For instance, the all exchanges stablecoins ratio, which divides all Bitcoin reserves on exchanges by stablecoin reserves, is rising once again, suggesting that investors could be reentering the market.

Stablecoins ratio. Source: CryptoQuant

bookmark_border纳斯达克上市矿企 Riot Blockchain 以约 5.48 亿欧元收购 Northern Data 子公司 Whinstone

链闻消息,纳斯达克上市矿企 Riot Blockchain 收购德国上市矿企 Northern Data 在美国的子公司 Whinstone ,交易中的对价包括 6700 万欧元的现金和 1180 万股的普通股,约 5.48 亿欧元。Riot 计划将 Whinstone 的现有运营能力用于其采矿业务,并扩大 Whinstone 产能。

原文链接:纳斯达克上市矿企 Riot Blockchain 以约 5.48 亿欧元收购 Northern Data 子公司 Whinstone

bookmark_borderPolkastarter 第二季度路线图:将增加 NFT 与众筹等功能

链闻消息,Polkastarter 发布第二季度路线图,将增加 NFT 与众筹等功能。Polkastarter 表示,将在第二季度推出具有全新设计和改进版功能的 Polkastarter 2.0; 推出 NFT Drop,提供参与代币销售的途径,用户能通过 NFT Farming 机制质押 POLS 获得为其提供访问 Polkastarter 专属池的权利 NFT; 多链产品不局限于币安智能链(BSC),还将扩展至 Polygon、Solana、Elrond、Avalanche 等区块链; Polkastarter 平台将支持 Polkadot 和 Kusama 众贷功能; 计划推出二级去中心化供应(SDO)功能,项目在二级市场上线后,将能够通过简单的固定互换机制(有归属设置)进行融资;改进白名单程序,将使用质押和流动性提供机制的白名单新系统。

原文链接:Polkastarter 第二季度路线图:将增加 NFT 与众筹等功能

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