everyone thinks fat $USDT inflows on binance means dry powder stacking for a rip but actually this week's numbers tell a different story ngl.
been watching traders get wrecked chasing that stables flooding in equals pump incoming narrative. you see the green netflow, ape in, then get caught holding bags while capital quietly rotates out the other door.
look at the week ending sep 21. $USDT on $ETH averaged +$80.8m netflow a day, highest in six months. exchange supply ratio hit 0.4349, also a six-month high. sounds bullish until you clock $USDC bleeding -$70.0m a day on the same books. usdt inflows rose 17.7% mom while usdc outflows jumped 27.9%. aggregate reserves only ticked up 0.33% wow to $43.59b.
that's not new money coming in. that's rotation between stables. one unverified take is capital just moving between them. if you only watch $USDT you miss the bleed and get the whole tape wrong.
where do you think this rotation goes from here?
#stablecoins #crypto #onchain
been watching traders get wrecked chasing that stables flooding in equals pump incoming narrative. you see the green netflow, ape in, then get caught holding bags while capital quietly rotates out the other door.
look at the week ending sep 21. $USDT on $ETH averaged +$80.8m netflow a day, highest in six months. exchange supply ratio hit 0.4349, also a six-month high. sounds bullish until you clock $USDC bleeding -$70.0m a day on the same books. usdt inflows rose 17.7% mom while usdc outflows jumped 27.9%. aggregate reserves only ticked up 0.33% wow to $43.59b.
that's not new money coming in. that's rotation between stables. one unverified take is capital just moving between them. if you only watch $USDT you miss the bleed and get the whole tape wrong.
where do you think this rotation goes from here?
#stablecoins #crypto #onchain
