The negative impact of the Binance hack should be mostly over for now, but the trend is still not looking good.
First, Binance saw a net inflow of 2 billion over the past 24 hours. The OTC price of USDT on Binance has also recovered. The FUD around Binance should be over.
Second, the USDCNY exchange rate rebounded to 6.67, but the withdrawal price of USDT fell to around 6.61. USDT funds are clearly flowing out.
Third, the only good news is that USDC funds are flowing in, possibly because funds are shifting from USDT to USDC.
Fourth, the combined market cap of USDT and USDC is still falling.
Now it all comes down to the midterm elections.
First, Binance saw a net inflow of 2 billion over the past 24 hours. The OTC price of USDT on Binance has also recovered. The FUD around Binance should be over.
Second, the USDCNY exchange rate rebounded to 6.67, but the withdrawal price of USDT fell to around 6.61. USDT funds are clearly flowing out.
Third, the only good news is that USDC funds are flowing in, possibly because funds are shifting from USDT to USDC.
Fourth, the combined market cap of USDT and USDC is still falling.
Now it all comes down to the midterm elections.
