{"id":221951,"date":"2021-04-08T17:02:39","date_gmt":"2021-04-08T14:02:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-exchanges-just-saw-massive-tether-stablecoin-deposits\/"},"modified":"2021-04-08T17:02:39","modified_gmt":"2021-04-08T14:02:39","slug":"bitcoin-exchanges-just-saw-massive-tether-stablecoin-deposits","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-exchanges-just-saw-massive-tether-stablecoin-deposits\/","title":{"rendered":"# Bitcoin exchanges just saw massive Tether stablecoin deposits"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2609d6baa8b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2609d6baa8b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-exchanges-just-saw-massive-tether-stablecoin-deposits\/#Is_a_broader_Bitcoin_rally_brewing\" >Is a broader Bitcoin rally brewing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-exchanges-just-saw-massive-tether-stablecoin-deposits\/#Stablecoins_are_seeing_massive_growth\" >Stablecoins are seeing massive growth<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin exchanges just saw massive Tether stablecoin deposits <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Nearly half a billion in Tether inflows was recorded on April 8 across major Bitcoin (BTC) exchanges, based on Glassnode&#8217;s data.<\/p>\n<p>Considering that the inflows, the biggest since mid-March, coincided with a minor Bitcoin pullback, it indicates that buyers could be waiting to step in following BTC&#8217;s price drop.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/9fab836b-f9bd-4a21-b112-efa386e891c0.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Stablecoin deposits into exchanges. Source: Glassnode<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Is_a_broader_Bitcoin_rally_brewing\"><\/span>Is a broader Bitcoin rally brewing?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>There are two major on-chain metrics that often signal a bigger Bitcoin rally is forming: BTC outflows and stablecoin inflows.<\/p>\n<p>Stablecoin inflows occur when traders deposit their sidelined funds to exchanges to buy back into cryptocurrencies.<\/p>\n<p>Meanwhile, large BTC outflows typically h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en when high-net-worth investors withdraw their Bitcoin from exchanges to self-hosted wallets, which often suggests their intention to hold for the long term.\u00a0<\/p>\n<p>In one hour, more than $476 million worth of stablecoin deposits were spotted on exchanges. According to Lex Moskovoski, the CIO of Moskovoski Capital, this demonstrates that there is no shortage of capital waiting to buy Bitcoin dips.<\/p>\n<p>Moskovski <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mskvsk\/status\/1380072863361810433\">said<\/a>:<\/p>\n<blockquote><p>&#8220;$476M USDT deposited to exchanges in an hour yesterday to buy the dip. Every time we dip, there is no shortage of the cash on sidelines, it seems.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Stablecoins_are_seeing_massive_growth\"><\/span>Stablecoins are seeing massive growth<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On April 2, Bitfinex CTO Paolo Ardoino shared that the market cap of Tether, the largest stablecoin in the global market, has reached $42 billion in market capitalization.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"no\" dir=\"ltr\">. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Tether_to?ref_src=twsrc%5Etfw\">@Tether_to<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24USDt&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USDt<\/a> 42B<\/p>\n<p>\u2014 Paolo Ardoino (@paoloardoino) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/paoloardoino\/status\/1377955655613566979?ref_src=twsrc%5Etfw\">April 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In the following six days, the market cap of Tether (USDT)\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/wallet.tether.to\/transparency\">has added another $2 billion<\/a>, showing strong momentum.<\/p>\n<p>Since Tethers are essentially digital dollars that can be easily converted into Bitcoin and other cryptocurrencies, this uptrend suggests that the amount of sidelined capital in the crypto market is growing.<\/p>\n<p>Theoretically, when there is a lot of sidelined cash in the market, it represents significant firepower to drive a new rally of major cryptocurrencies like Bitcoin.<\/p>\n<p>When <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Parlato_Michele\/status\/1380073479412797441?s=20\">asked<\/a> whether large USDT deposits could also mean that there\u2019s a demand to cash out instead, Moskovski countered by saying that USDT deposited to exchanges typically represents an intention to buy.\u00a0<\/p>\n<p>He\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mskvsk\/status\/1380074693374402563?s=20\">explained<\/a>:\u00a0<\/p>\n<blockquote><p>&#8220;Stable coins deposited on exchanges is for buying, mostly. Some part of it may be used for lending to leveraged traders [&#8230;]. Besides, it&#8217;s bullish too as it highlights the demand for longs.&#8221;<\/p><\/blockquote>\n<p>Meanwhile, data from CryptoQuant depicts a similar trend. The All Exchanges Stablecoins Ratio (ESR), for instance, which divides all Bitcoin reserves on exchanges by stablecoin reserves, is rising once again, suggesting that investors could be re-entering the market.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-04\/d6bfca4e-9483-4755-aab4-6fa0b3b15cda.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Stablecoins ratio. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-exchanges-just-saw-massive-tether-stablecoin-deposits\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin exchanges just saw massive Tether stablecoin deposits &#8221; Nearly half a billion in Tether inflows was recorded on April 8 across major Bitcoin (BTC) exchanges, based on Glassnode&#8217;s data. Considering that the inflows, the biggest since mid-March, coincided with a minor Bitcoin pullback, it indicates that buyers could be waiting to step in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":221952,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDQvMTVmMmYyNDctNjQ0ZS00OWQ1LTkxMTAtN2U3NTlhZDQ5MTcyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74860,73785,36041],"class_list":["post-221951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrency-exchange","tag-markets","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/221951","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=221951"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/221951\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/221952"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=221951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=221951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=221951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}