Exchange Stable Coin Balances Increase by About $600 Million After Bitcoin Price Climbs to $30,000
According to Glassnode's disclosure of on-chain data, both cryptocurrency spot and derivative trading volumes have increased over the past week, while exchange balances for stablecoin have increased for the first time since January 2023, with the metric estimated to have increased by around $600 million since the bitcoin price climbed to $30,000. But while on-chain data suggests that stablecoin may be shifting to bitcoin, the switch between stablecoin to bitcoin does not necessarily mean that new liquidity is being injected into the crypto ecosystem, according to analysts.
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