summary
After experiencing the biggest growth in the total market value of stablecoins this year, the total market value of stablecoins decreased by $160 million in the past week. Among them, USDC, which is favored by US funds, decreased by $400 million, while USDT increased by $370 million. In addition, other stablecoins also decreased.
In the past week, stablecoins have shown a small net outflow in the exchange. There has been no influx of funds to buy.
BTC's on-chain data shows warning signals. BTC has a net inflow of 5,000 in the exchange. But it should be noted that the amount of profit-taking in BTC last week reached the highest level this year, and a small number of long-term holders chose to sell. From a historical perspective, such a signal does not mean that the peak has been reached. But it is worth our close attention.
Basic Information
Time: UTC October 23rd - October 29th
Author: Riyue Xiaochu
Twitter: https://twitter.com/riyuexiaochu
Telegram: http://t.me/sunmoonzone
1 Total market value of stablecoins
In the past week, the total market value of stablecoins dropped from 121.13 billion US dollars to 120.97 billion US dollars, a slight decrease of 160 million US dollars. Among them, USDT increased from 84.19 billion US dollars to 84.56 billion US dollars, with an additional issuance of 370 million US dollars. USDC dropped from 25.4 billion US dollars to 25 billion US dollars, a decrease of 400 million US dollars. Compared with the previous week, the total market value of stablecoins did not increase but decreased.
2. Stablecoin inventory in exchanges
In the past week, the stock of mainstream stablecoins in exchanges was that USDT dropped from 14.02 billion US dollars to 13.86 billion US dollars, with a net outflow of 160 million US dollars. USDC dropped from 1.86 billion US dollars to 1.82 billion US dollars, with a net outflow of 30 million US dollars. As the mainstream stablecoin in the past two days, it did not show a particularly strong willingness to buy funds.
3 BTC/ETH exchange inventory
From the perspective of the exchange inventory of BTC and ETH, BTC increased from 2.306 million to 2.311 million, with a net inflow of 5,000. The number is not large, but it shows that a small number of BTC holders are selling. ETH increased from 14.72 million to 14.76 million, with a net inflow of 40,000, which is also not large. From the perspective of Realized Profit, the amount of BTC profit is very large, exceeding the maximum value in March this year. In addition, from the data of the proportion of one-year holders, long-term holders have reduced their positions in the past two weeks. These signs should attract our attention.
$4 Funding
From the past week, the contribution of US dollar funds and Asian funds to the BTC market has been equal. This also means that US dollar funds have kept up with the pace. In the previous few weeks of fund analysis, it can be seen that in the bottom stage and early stage of the market, Asian funds were the main ones, and US dollar funds did not participate particularly. As the market trend improved, US dollar funds also began to participate.
