Bitcoin Traders Eye Potential Rally With $2.5 Billion In USDT and USDC Inflows

As a seasoned crypto investor with a decade-long journey through the rollercoaster ride of digital assets, I can’t help but feel a sense of cautious optimism as I watch the recent developments unfold. The surge in Bitcoin past $61,000 levels and the strong recovery of the broader market have been nothing short of exhilarating.


As a crypto investor, I’ve been keeping a close watch on the US CPI inflation data. Lately, Bitcoin and the broader cryptocurrency market have shown a remarkable resurgence, which seems to be largely due to short covering. Today, the Bitcoin price has soared another 3%, breaking through the $61,000 threshold, all while strong inflows of stablecoins have been observed over the past week.

Bitcoin Traders Bet on $2.5 Billion Stablecoin Inflow

Bitcoin traders are predicting a possible bullish effect due to the significant inflows of approximately $2.5 billion worth of stablecoins over the last week. According to data from 10X Research, Tether and Circle have been the main issuers of USDT and USDC stablecoins recently, indicating that institutional investors are preparing to inject new funds into the market.

Bitcoin Traders Eye Potential Rally With $2.5 Billion In USDT and USDC Inflows

As a researcher, I’ve been delving into the recent Bitcoin market trends and here’s what I’ve discovered so far: It appears that some traders believe this could be a significant factor fueling the recent Bitcoin short covering. Moreover, there seems to be an increasing interest from institutions in Bitcoin, as evidenced by the recent uptick in inflows into spot BTC ETFs.

10x Research observed that BTC‘s price correction occurred following a halt in financial inflows since April 2024. Yet, the revival of these financial inflows, as indicated by the increase in USDT and USDC supply, has given a small lift to the overall crypto market. Additionally, it appears that Tether has minted over $1 billion in USDT within the past day, with a significant portion being transferred to major exchanges such as Binance, Coinbase, Kraken, among others.

1 Billion units of USD Tether were recently minted on Ethereum, with 183.2 million of those units being moved to Cumberland for centralized exchange deposits over the last 13 hours!

In simpler terms, Tether transferred approximately 953 million US Dollars to Cumberland, which then distributed around 906.7 million US Dollars across several cryptocurrency exchanges such as Coinbase, Kraken, OKX, Binance, among others.

— Spot On Chain (@spotonchain) August 14, 2024

Crypto Market Recovery Amid USDT, USDC Flows

As a researcher, I’ve observed a robust rebound in the Bitcoin price this week, surging over 10% as depicted on the weekly charts. This surge appears to coincide with a resurgence in liquidity. Additionally, the broader cryptocurrency market has mirrored this upward trend, with Ethereum spearheading the altcoin sector.

The major events happening this week will play a crucial role in determining the direction the cryptocurrency market will take going forward.

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2024-08-14 10:20