• The chart shows the daily net flow of stablecoins moving in and out of exchanges for three major stablecoins.
• In the past week, there has been a large outflow of stablecoins worth around $250 million, with BUSD seeing the largest outflow at $424 million.
• USDC saw an inflow of $170 million over the same period.
Overview
This article discusses recent trends in stablecoin flows on Ethereum blockchain network, focusing on the top three stablecoins USDT, USDC and BUSD. Over the past week, there has been a significant outflow of roughly $250 million worth of stablecoins from exchanges monitored by Glassnode. BUSD saw the biggest outflow at around $424 million while USDT experienced an outflow of $68 million and USDC an inflow of around $170 million.
Net Flow Chart
This chart shows the daily net flow of stablecoins moving in and out of exchanges for the top three stablecoins USDT, USDC, and BUSD. This metric accounts only for stablecoins issued and transferred on the Ethereum blockchain and exchanges Glassnode monitor.
Recent Outflows
Recent scrutiny over BUSD has seen significant outflows of stablecoins, roughly $250 million in the past week.BUSD has seen outflows of roughly $424 million, while USDT has seen $68 million worth of outflows.However, USDC has seen inflows of $170 million over the past week.
Analysis
James Van Straten is a Research Analyst at CryptoSlate who is passionate about data, technology and identifying trends; he sees Bitcoin as one of the greatest inventions in this century so far. He explains that recent scrutiny over BUSD is what caused these large inflows and that it may be coming to an end soon according to on-chain Bitcoin data from CryptoSlate’s latest market report which dives deep into Bitcoin on-chain data suggesting that this bear market might be coming to an end soon enough.
Conclusion
To conclude this article we can say that recently there have been large amounts (roughly 250$million) exiting exchanges in terms if Stablecoin transfers with most notable being those associated with BUSD which saw 424$million leaving while both USDT had 68$million leaving but USDC had 170$million entering suggesting some kind og recovery may be close according to CryptoSlate’s latest market report which dives deep into Bitcoin on-chain data suggesting that this bear market might be coming to an end soon enough overall giving us hope for better times ahead eventually