Crypto Exchanges See Massive Inflows Of Stablecoins Amid Market Crash
According to Santiment – a blockchain analytics provider – crypto exchanges witnessed the largest hourly stablecoin inflow for this year as the crypto market correction took place.
Stablecoins Flow Into Crypto Exchanges
Santiment shared with their 110K followers on Twitter that on Thursday, crypto exchanges saw a massive inflow of the two leading stablecoins: Tether (USDT) and Circle’s USD Coin (USDC).
“The largest 1-hour Tether inflow to exchanges of the entire year occurred Thursday. At 8 am UTC, over 771.6 million USDT was transferred to exchanges. Then, just 6 hours later, 454 million USDC was then transferred to exchanges, a 4-month high of its own.”
📈 The largest 1-hour #Tether inflow to exchanges of the entire year occurred Thursday. At 8am UTC, over 771.6m $USDT was transferred to exchanges. Then, just 6 hours later, 454m $USDC was then transferred to exchanges, a 4-month high of its own. 🤯 https://t.co/WJ0qkPRc7Rpic.twitter.com/xhMIG6qCS5
Online Discussion Involving Bitcoin Massively Down
In the aftermath of Bitcoin’s steep correction from $69K to under $56K, online discussion on BTC have sunk to dramatically lower rate than it was in June, according to Santiment.
“With altcoins booming for the majority of 2021, even through major volatility stretches, Bitcoin is now being discussed at about half the rate it was five months ago. 15% of discussions on crypto platforms are related to BTC now vs. 30% in mid-June.”
