While Bitcoin and altcoins have been attracting attention with their lackluster performance in recent days, cryptocurrency analysis company CryptoQuant reported that the stablecoin inflow on Binance could be noteworthy for the market. According to CryptoQuant data, $1.65 billion worth of stablecoins were deposited into Binance in what is seen as a massive inflow. It was stated that this was seen as a sign of a revival of demand in the spot market following the recent market sell-off. “Recent on-chain data reveals a dramatic increase in stablecoin flows into Binance, exceeding $1.65 billion. This is the second time this month that stablecoin deposits have surpassed the $1.5 billion threshold, highlighting a renewed wave of capital entering the spot market. Stating that stablecoins are the primary source of financing for crypto investors, CryptoQuant analyst stated that the movement of stablecoins to exchanges generally indicates an uptrend. The transfer of stablecoins to exchanges is seen as a sign that investors are preparing to purchase cryptocurrencies. These transfers, particularly by large and institutional investors, are interpreted as a sign of a potential price increase. *This is not investment advice. Continue Reading: Binance Receives Second Massive Billion-Dollar Stablecoin Transfer This Month: CryptoQuant Says This Signifies Only One Thing
