$1B Stablecoin Inflow to Exchanges on Aug 6 - Largest in 16 Months
CryptoNewsTerminal Staff08 Aug, 2024
$1B Stablecoin Inflow to Exchanges on Aug 6 - Largest in 16 Months
Cryptocurrency Exchanges saw a net inflow of $1B worth of stablecoins on August 6th. This is the largest stablecoin inflow since April 2023. Typically, investors deposit stablecoins into exchanges prior to buying cryptocurrencies. Therefore, a surge in stablecoin inflows could indicate increased buying pressure and a potential sign of bullish momentum. Previous instances of spikes in stablecoin inflows occurred in April 2023 and March 2024, and both were followed by rallies in Bitcoin.
