It notes that U.S. entities are now holding 11% less BTC than they were in June 2022, while investors active during Asian trading hours have picked up 9.9%. It adds that this remains a distinct reversal from the 2020-2021 bull cycle.
There are also major shifts underway in stablecoins, as noted, with the USDT supply at new ATHs, while USDC and BUSD fall to multi-year lows. Glassnode says this might suggest that U.S. capital is now less active in digital assets. The on-chain analytics firm observed considerably weaker demand since April, considering exchange on-chain flows. This is because stablecoin inflows massively offset BTC and ETH inflows in Q1.
However, a trend of larger BTC and ETH inflows relative to stablecoins is now seen as the market corrects lower. Glassnode concludes by saying that several undercurrents are in play, suggesting a net capital rotation and the migration of liquidity toward lower-risk digital assets.
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