Bull Run Signs: Stablecoin Market Cap, Permanent Holders Active?

IconCryptoNewsTerminal Staff24 Aug, 2024

cryptonews.jpg

Bull Run Signs: Stablecoin Market Cap, Permanent Holders Active?

Demand from Bitcoin's Permanent Holders (on-chain addresses that have never spent a received BTC) and the growing market capitalization of stablecoins suggests that a bull run in the crypto market could start within a few weeks, CryptoPotato reported, citing data from CryptoQuant. The media outlet explained that the launch of the first BTC spot ETF in January caused the Bitcoin Coinbase premium (the Coinbase-Binance price difference) to rise to 0.25%, but the market has continued to decline and recently fell to 0.01%. The Coinbase premium approaching zero indicates decreasing demand from US investors. On the positive side, demand from BTC's Permanent Holders and the market capitalization of stablecoins are increasing. The market capitalization of stablecoins recently surpassed $165 billion, reaching an all-time high. Also, on-chain activities by BTC's Permanent Holders show that they are accumulating BTC at an unprecedented level. This indicates that market sentiment is still in favor of bullish continuation. ```

Related News