The on-chain report shows that stablecoins deposits on the Binance cryptocurrency exchange platform exceeded $ 1.65 billion. Such massive user deposits generally precede increased appetite for spot assets, especially after recent market sales. Interestingly, this observed trend occurs while Bitcoin collapses under the weight of the massive liquidations of the Whales.
In short
- Binance records more than $ 1.65 billion in stablecoins depots, a key signal for demand growth for Cryptos Spot purchases.
- Bitcoin slides under $ 111,000 after the liquidations of Whales which trigger a lightning crash and a strong rotation of the market.
- The Ether fell from its ATH to $ 4,953 despite the optimism linked to the drop in Fed rates, testifying to high market volatility.
- Flows to ETFs resume with $ 219 million after six days of outings, fueling the speculation of renewed investors' confidence.
Binance dominates that stablecoins entrances signal an increasing activity on the Spot market
According to cryptocurrency data, this tendency of deposit follows the increase in ETH liquidations at Binance, reaching nearly a billion dollars. In addition, it is the second time in less than four weeks that Deposits indexed to the Fiat On the platform cross the $ 1.5 billion mark.
According to cryptocurrency AMR Taha reports, this trend strengthens the recent increase in capital rotation to the Spot market. For the moment, market players closely monitor Binance in search of wider signs of movements.
Binance dominates the market with a daily exchange volume of $ 23.63 billion and 11.5 million weekly visits.
Here's how Binance compares to the other main exchange platforms in the past 24 hours:
- Bybit displays a volume of $ 4.18 billion over 24 hours, supported by nearly 3.94 million weekly visits.
- Coinbase recorded $ 3.46 billion in daily volume with 39,000 weekly user visits.
- OKX currently manages $ 3.26 billion a day and attracts 5.44 million weekly visitors.
- Upbit posted an intrajurnal trading volume of $ 2.72 billion, alongside 1.87 million weekly visits.
The data show that cryptocurrencies indexed to the Fiat are mainly used by traders to finance their purchases of cryptos. When large amounts of stablecoins arrive on exchange platforms, this generally means that traders are preparing to buy other cryptocurrencies.
The Cryptos markets pitch as a Bitcoin Flash Crash triggers a capital rotation
The flow of stablecoins movements coincides with the current market trend on the market. Bitcoin, Crypto Og, was relatively stable on Tuesday after having passed below $ 111,000 this weekend.
The Ether also abandoned part of its earnings after reaching a historic record at 4,953 dollars on Sunday, stimulated by accommodating comments from the president of the Fed, Jerome Powell, concerning rate cuts in September.
The recent market turbulence was fed by a recent massive liquidation of Whales, which sparked a Bitcoin Flash Crash and a strong rotation of capital.
Bitcoin turns away from the world correlation to the M2 offer while capital flows and ETF entries evolve
The recent decline in Bitcoin is significant since it marks one of the most notable trend differences of the last two years. The data show that the BTC has ruled out its usual movement close to the global M2 currency supply, which measures capital movements in the economy.
Over the past five years, the Crypto OG has shown strong correlation with the world's M2, with the exception of some occasional delays. Traders often consider this correlation as a reliable short -term guide for price trends.
However, the founder of Real Vision, Raoul Pal, explained that the longer term alignment is stronger when compared to the total overall capital flow, rather than the M2.
The recent fluctuation in the Bitcoin price is also due to the series of capital rotations outside the funds negotiated on the US SPOT (ETF). In fact, these financial vehicles have just reversed six days of outings by investments amounting to $ 219 million on Monday.
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