Well now, sit right down, partners, and let me regale you with today’s tale of high finance and wild numbers—that is, if you’re not still traumatized from the last time you checked your crypto wallet. According to the wise fellows over at CryptoQuant, them “stablecoins” (which are about as stable as Missouri weather) have hit a record: a mind-boggling $220 billion sloshing about in the trough. Makes you wonder if money is getting fatter, or just more slippery.
It seems the main culprits in this swelling stew are Tether (the USDT, for folks who like their abbreviations to sound like sneeze noises) and USD Coin (USDC, which sounds about as creative as naming your dog “Dog”). These coins are sucking in capital faster than a catfish sucks mud, and pushing everyone deeper into the rabbit hole that is “the crypto market ecosystem.”
Bullish Indicator For BTC
Take this: USDT added $2.5 billion, USDC threw in $1.2 billion, and combined, that’s $3.7 billion new digital dollars. This is the most impressive weekly sprint since February 9, or as I call it, “the day I found an extra nickel in my sofa.”
Not satisfied with just one week of gluttony, over the last 30 days our dear USDT ballooned by $5.3 billion while USDC sprang up $6 billion. Somebody definitely found the hidden jar of grandma’s savings! These coins are climbing above their moving averages, which means they’re outpacing themselves and possibly showing off for the charts.
Turns out, when these coins get fatter, the whole crypto market feels friskier. Apparently, this means folks are starting to feel a touch less terrified, and the big dog Bitcoin (BTC, or as your barber calls it, “Bit corn”) is looking as bullish as a Missouri riverboat gambler after three whiskeys.
Now, the mathematicians invented a “Bitcoin Bull Score Index” to make investors feel smart and busy. Last week, it was down at 20. This week, it shot up to 50. Still not quite party time—if it hits 60, folks start buying hats. But for now, everyone’s just sweating quietly and pretending they read those charts on purpose.
Bitcoin itself has hopped the fence and gone galivanting—up more than 25% in just three weeks! From a low of $74,000 (for those who measure net worth in Golden Gates rather than greenbacks) to nearly $97,000. Beats buying railroad bonds, at least until one of these coins sprains its ankle.
Our old friend Robert Breedlove, champion of all things Bitcoin, reckons the cost of mining the stuff is about to place some powerful support under prices. In non-financial terms: that’s like finding the bottom of your corn crib—reassuring, unless you’re the mouse who lived there.
USDT Lags, USDC Struts Its Stuff
Even so, all ain’t rosy in the house of Tether. The stuff parked on exchanges is just $38 billion—12% shy of its February 21 high. Looks like somebody sneaked a few barrels out the back.
But don’t despair! USDC is back with $6.5 billion stacked on exchanges—its best showing since March last year. Exchange reserves matter, or so I’m told because it means you can swap your coins for new and exciting regrets at lightning speed.
In short, stablecoins have massed up like Sunday baptisms on the Mississippi, Bitcoin’s feeling spry, and the rest of us are left scratching our heads, wondering whether to buy, sell, or just go fishing instead.🐟💰
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2025-05-03 22:20